Prime Minister David Cameron says he will resign by the fall and insists the British people’s will must be respected after voters chose to leave the 28-nation European Union.
Cameron led the charge for Britain to remain in the E-U.
He says there can be no doubt about the result of Thursday’s historic vote but that he is not the “captain” that will steer the ship through negotiations with the E-U.
British citizens may have voted to leave the E-U, but it’s not going to happen right away.
It will be at least two years before the separation becomes official.
Over that two year period, Britain will still have to abide by European Union treaties and laws — but will not be permitted to take part in any decision making.
The decision has shocked global markets and sent the British pound plummeting to the lowest level in 31 years.
The British pound has plunged to a more than 30-year low and European stock markets fell in the range of four to 12 per cent.
In New York, the Dow Jones industrial average is poised to open down more than 500 points.
The Canadian dollar opened down 1.61 cents from yesterday’s close and the price of oil has tumbled more than four per cent.