Update 1.26pm - Labour MPs table no confidence motion in their leader Jeremy Corbyn

UK Prime Minister David Cameron has said he will step down following the country's referendum decision to quit the European Union. 

Mr Cameron said that it was time for "fresh leadership" and that he expected a new leader to be in place within three months' time, by the time the Conservative Party held its annual general conference. 

"This is not a decision I've taken lightly but I do believe it is in the national interest to have a period of stability and then the new leadership required," he said.

"I think it's right that this new Prime Minister takes the decision about when to trigger article 50 and start the process of leaving the EU."

Making the statement alongside his wife Samantha, Cameron choked back tears. He said he had already advised Queen Elizabeth of his decision to stand down.

Mr Cameron said he had campaigned "head, heart and soul" for the UK to remain, and that it would now not be right for him to steer the country as it exited the EU.  

He reassured British expats that there would be "no immediate change" in the way people or goods moved across the EU. 

As he spoke under the gaze of cameras crammed into the narrow London street, celebratory horns sounded from cars passing nearby and "Leave" supporters marked their victory by waving Union Jack flags.

Cameron took office in 2010 as leader of a coalition government and in May last year won a second term with a surprise outright majority at a national election. He had been due to serve as prime minister until 2020.

He said he believed he had made "great steps" during his time in office, citing, among other things, his landmark move to legalise gay marriage in Britain.

"I love this country - and I feel honoured to have served it ... I will do everything I can in future to help this great country succeed," he said before taking his wife's hand, turning away and walking back into Number 10 Downing Street.

Donald TuskDonald Tusk

Boris Johnson insulted as he leaves home 

Insults rained down on former London mayor and leading Leave campaigner Boris Johnson as he left his Islington home this morning, with boos and cries of "scum" and "traitor" clearly audible. 

Mr Johnson subsequently told reporters that little would change in the short term.  

"In voting to leave the EU it is vital to stress that there is now no need for haste and indeed as the Prime Minister has just said, nothing will change over the short term," he told reporters this morning.

 Corbyn faces no confidence motion

Labour leader Jeremy Corbyn could also end up being a casualty of the Brexit vote, with many Labour Party MPs furious at what they considered to be a lukewarm, half-hearted defence of Britain's place in the EU.

The BBC reported that two Labour MPs, Margaret Hodge and Ann Coffey, had this morning submitted a no confidence motion in their leader over his handling of the EU referendum campaign.

"In a leader you need somebody who can communicate a message and inspire confidence in that message and I think he failed on both counts during the referendum campaign," Coffey said.

'No time for hysteria' - Donald Tusk

In comments earlier this morning, European Council president Donald Tusk insisted there would be no legal vacuum at EU level following the UK's decision. He said EU laws would continue to apply until the UK formally left the bloc.

"I have offered an informal meeting of 27 leaders on the sidelines of the upcoming EU summit," Mr Tusk said. "I want to reassure everyone that we are prepared also for this negative scenario. As you know the EU is not only a fair-weather project.

"I am fully aware of how serious this moment is. But this is not a moment for hysterical reactions." He ended his statement with a defiant statement: "what doesn't kill you makes you stronger."

European Parliament president Martin Schultz said the UK referendum result had finally clarified a relationship that had been "ambiguous" for decades.

"Now it's clear," Mr Schultz's social media team tweeted. "Now we need a speedy and clear exit negotiation." 

In a statement to the press, Mr Schultz said the European Parliament could play an "active role" in Brexit negotiations. The first step, he said, will be an EP meeting on Tuesday morning to assess the outcome and map out the way forward. 

“We are very sad about the decision. But it is a sovereign expression of the will of British voters,” he said, calling it a "difficult moment “for both sides”.

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