This was somewhat expected that he will have to step down. With so much at stake, somebody was sure to take the so-called blame or responsibility. Though Cameron previously said that he will continue despite an exit, it was increasingly clear that he will have to step down since he would be seen as not fitted to guide Britain into the uncharted territory of an exit. It was better for him to step down without haggling. He said in his final speech, “The British people have made a very clear decision to take a different path and I think the country requires fresh leadership to take in this direction. I do not think it would be right for me to try to be the captain that steers the country to its next destination." Technically there he is likely to continue till the alternate is found.

Though there is no fixed time-line, the new Prime Minister likely to be selected before October and he is the one who will decide when to trigger article 50 of the European treaty. Cameron also assured the EU workers in Britain and British workers in the EU that today’s outcome doesn’t change their status immediately.

Bank of England (BoE) governor Mark Carney has pledged to provide support to the economy in current turbulent times. He said that the bank will not hesitate to act and take any measures necessary. He said the central bank, as well as, the commercial banks have been preparing for this event and they are ready.

The market seems to be stabilizing after the initial jolt. The pound is currently trading at 1.378, down more than 5 percent for the day but much higher from its bottom around 1.322. FTSE is down -6.7 percent and currently trading at 5910 but up 130 points from the bottom.