Prime Minister David Cameron has announced he will resign following the result of the EU Referendum.

The UK yesterday voted by almost 52 per cent to 48 per cent to leave the EU Referendum.

  • See our live blog covering the night's results from Herts and around the UK here.

Speaking from Downing Street, the Prime Minister said "fresh leadership" was required.

He added that somebody else should be “captain of the ship” during negotiations to leave the EU.

Mr Cameron said there needed to be a "period of stability" but that he expected a new leader to be in place by the Conservative Party conference in October.

Mr Cameron said he had spoken to the Queen before making the announcement.

Conservatives who had backed the Leave campaign had said during the night they hoped Mr Cameron would remain in charge.

The Governor of the Bank of England Mark Carney said there would "inevitably" be a period of uncertainty and instability.

He sought to calm fears, saying the Bank of England "will not hesitate" to make adjustments as required.

After warning of the effect of Brexit before the Referendum, he said: "The Bank of England has put in place extensive contingency plans."

He added: "(The) economy will adjust to new trading relationships that will be put in place over time."

He said the bank would "relentlessly" pursue opportunities for monetary and financial stability.

The pound has fallen to its lowest point since 1985.

Some £200 billion has been wiped off the value of shares.

UKIP leader Nigel Farage has called the result Britain's "Independence Day".