LONDON (Staff Report) – British Prime Minister David Cameron, a staunch proponent of the Remain camp in the Brexit campaign, has announced his resignation following the results of a historic referendum in which Britain voted to leave the European Union.

Speaking at 10 Downing Street after the results were officially declared, Cameron said that the new Prime Minister would be named in the upcoming Labour Party convention after three months.

He went on to say that the people of Great Britain had voted irrespective of their political associations and that their decision will be fully implemented.

“The new Prime Minister will hold talks with the European Union after October and realize the decision of the public given through the referendum,” he added.

On the occasion, David Cameron also assured the business community that their rights would be protected by the government in any situation.

According to official results, the Leave campaign held a 51.8 percent to 48.2 percent lead over the Remain camp. Among the counted votes, over 15.9 million votes were counted in favor of leaving and 14.8 million for remaining part of the EU.

Following the implementation of the decision to leave the European Union, Britain will become the first country to leave the 28-member bloc. The EU is said to have failed to deal with the aftermath of 2008’s financial collapse which ultimately led to Britain’s move to quit.

Although the voting trends recorded just before the polling showed that either side could be victorious, most of the EU nations and other world countries were given a shock once the results started pouring in.

In the aftermath of Brexit, the value of the British pound has taken a dip worldwide, financial markets data suggested. According to Bloomberg, this is the pound’s lowest plunge during last 31 years.

Britain’s move to leave the European Union is a one-way decision, which cannot be reversed once implemented.