Will step down by October, says UK PM David Cameron after Brexit vote

After Britain voted in favour of Brexit with 52% of the voters backing the decision to leave the European Union, David Cameron said he would resign as prime minister by October.

Speaking to media, outside his Downing Street office, David Cameron said, "I do not think it would be right for me to be the captain that steers our country to its next destination," he told reporters.

"There is no need for a precise timetable today, but we should aim to have a new prime minister in place by the start of Conservative conference in October," he said.

Stating that he will do everything he can as prime minister to steady the ship in coming months, he added, "I do not think it would be right for me to captain that ship."

The Prime Minister also said that British people made a decision that not only needs to be respected but those on losing side of argument should help to make it work.

Earlier in the day, Britain's Foreign Secretary Philip Hammond had said that Conservative party leader David Cameron would continue as Prime Minister despite losing his campaign to keep Britain in the European Union.

52 per cent of the Britons favoured leaving the 28-member EU, while 48 % supported staying in the bloc.

While the result of a referendum is not legally binding on the UK government, Cameron has repeatedly promised that the will of the people will be accepted.

In the immediate aftermath, Britain will remain a member of the EU and nothing will change instantly.

The British Prime Minister has pledged to activate Article 50 of the 2009 Lisbon Treaty as soon as possible if the result of the referendum is to leave the EU.

(With agency inputs)