david cameron resignation
david cameron resignationReuters

United Kingdom Prime Minister David Cameron, at a press briefing at 10, Downing Street on Friday, announced that he would resign before October 2016. The announcement came after results for the European Union referendum were declared in favour of the "Leave" campaign.

"The will of the British people is an instruction that must be delivered," he added. 

It was not a "light" decision, and there can be "no doubt" about it. He also assured other Europeans in Britain and Brits in other European nations that there will be no immediate change in the circumstances.

The British economy is strong, he said in the press briefing

He added that he was proud to be the prime minister of the U.K. The country requires fresh leadership to go forward, he said. For national leadership, he said that he will leave before October. Negotiations with the EU will have to begin with a new prime minister, he said. 

After Cameron announced his exit, leader of United Kingdom Independence Party Nigel Farage, tweeted, "It's right that David Cameron has gone. Not a bad man just on the wrong side of the argument." 

Farage was in a celebratory  mood on Friday after the referendum results showed that the people of the U.K. have voted to exit EU.  

Social media users expressed shock over the announcement as speculations were rife till Thursday that despite Brexit, Cameron would stay on as the prime minister. 

The next UK prime minister

With Cameron's assured exit before the Conservative Party conference in October, Boris Johnson, the former mayor of London, emerges as the most likely candidate for the position of prime minister. Johnson, a Conservative Party member, had joined the "Leave" campaign, even as he had maintained that the party would unite behind Cameron after the referendum. 

There is also speculation about Theresa May, the present Home Secretary, as a "unity" candidate for the position. She instead of Chancellor George Osborne is likely to emerge as Johnson's political opponent for the position of prime minister, according to the Telegraph.

Osborne's position is also on the line, indicated Steve Baker, co-chair of Conservatives for Britain, according to the Independent. He faced sharp criticism after projecting financial figures as warnings against Brexit. 

Also in the fray is Michael Gove, the justice minister of the U.K. He is being credited with convincing Johnson to join the Brexit campaign. The online gambling company Ladbrokes said that Gove has a 5/1 chance of becoming the next prime minister. 

Call for Jeremy Corbyn's ouster

Meanwhile, the Labour Party called for Jeremy Corbyn's resignation on Friday. They blamed him for not doing enough for campaigning in favour of the "Remain" bloc. 

On Friday, Corbyn called for Treaty 50 of the European Union, which begins the divorce process that could last at least two years, right now. 

One MP of Labour Party was quoted as saying by the Telegraph that "Corbyn has to go. The referendum proved he is worse than even his worse critics said he would be. Even people who supported him have seen he is not up to it. He can't motivate Labour voters, let alone persuade anyone else."