British Prime Minister, David Cameron, has announced his resignation in the wake of the Brexit referendum.
More than 17 million Britons voted on Thursday to leave the European Union bloc.
The decision has serious implications with the pound already taking a hammering and some major companies warning that they may opt to relocate to other countries.
In brief statement live on TV Friday morning, Cameron said his decision to resign was not taken lightly.
"I will do everything I can to steady the ship over coming weeks and months. But, I do not think it would be right for me to try to be the captain that steers our country to its next destination. This is not a decision that I've taken lightly but I do believe it's in the national interest to have a period of stability and then the new leadership required," he said.
"There is no need for a precise timetable today but in my view we should aim to have a new prime minister in place by the start of the Conservative Party conference in October," Cameron said.
There was a rout on the pound and a confirmation from rating agency S&P that the UK was likely to lose its final AAA credit rating.
Market volatility affected emerging market currencies, which had stabilised in recent days as the risk of Brexit had appeared to recede. The rand was down 6.5 percent at R15.3617 to the dollar in morning trade.
After polls closed the pound hit $1.50, its highest point for the year, but within six hours it had shed more than 10 percent to $1.3230, its lowest level in more than 30 years.
(Additional reporting ANA)
