David Cameron resigns as Britain votes to exit EU

"I do not think it would be right for me to be the captain that steers our country to its next destination," he said.

The formal process to launch Britain’s exit from the European Union will be left to his successor, he confirmed as he addressed reporters outside Downing Street.

"I think it's right that this new prime minister takes the decision about when to trigger Article 50," Cameron said after announcing a new Conservative leader will be appointed before the party’s conference in October.

The PM congratulated the Leave campaign and praised Britons for taking part in a huge democratic exercise, urging the will of the people be respected.

There will be no immediate change in the status of Europeans in Britain as well as Britons in Europe, he assured, adding that current travel arrangements would not be affected.