David Cameron has resigned after losing the Brexit battle - a defeat which triggered  carnage in the City of London.

He will stand down at the Tory Party conference in three months' time.

Mr Cameron said Britain's economy was fundamentally strong and there would be no immediate change, but the will of the people must be respected.

His voice waivering the Prime Minister said he was proud to have served the country  for six years.

The Northern Echo:

And he added: "I fought this campaign the only way I know how - with my head, heart and soul - but the British people have made it clear they wish to take a separate path."

More than £100 billion was wiped off the FTSE 100 as the index fell more than 7%, while the pound also crashed 8% against the US dollar.

Flanked by wife Samantha, Mr Cameron said he had informed the Queen of his decision to remain in place for the short term, but hand over to a new Prime Minister by the time of the Conservative annual conference.

"The British people have voted to leave the European Union and their will must be respected," said Mr Cameron. "The will of the British people is an instruction that must be delivered."

His voice breaking, Mr Cameron said: "I love this country and I feel honoured to have served it and I will do everything I can in future to help this great country succeed."

He said he would steady the ship but he wasn't the captain to lead it to its next destination.

Triggering article 50, which will formally begin the UK's withdrawal from the EU, will not begin until a new Prime Minister is in place.

Mr Cameron had said he wouldn't stand down if he lost and threatened to trigger article 50 immediately in the event of a Brexit vote.