Well that escalated quickly...Speaking from in front of 10 Downing Street, UK PM David Cameron just stated that he will step down as Prime Minister, explaining that "I think the country requires fresh leadership."

As The Wall Street Journal reports,

"There are times when it is right to ask the people themselves, that is what we have done," David Cameron says.

"Let me congratulate all those who took part in the Leave campaign," the Prime Minister says.

"The will of the British people is an instruction that must be obeyed," Mr. Cameron says.

There an be no doubt about the result, he says.

I would reassure those markets and investors that Britain's economy is fundamentally strong

There will be no initial change in the way our people can travel in the way our trade can move, Mr. Cameron says.

Mr. Cameron says strong leadership is needed.

"I am proud to have been prime minister of this country," he says.

"I fought this campaign in the only way I know how which is to say directly and passionately what I think and feel," Mr. Cameron adds.

"I think the country requires fresh leadership," Mr. Cameron says.

"I do not think it would be right for me to try to be the captain that steers our country to its next destination."

"There is no need for a precise timetable," he says.

"I will continue in post for the next three months," Mr. Cameron says.

"I love this country and I feel honored to have served it and I will do everything I can to help it succeed in the future," Mr. Cameron says, his voice breaking as he concludes his resignation speech.