David Cameron announced this morning that he will step down as Prime Minister of the United Kingdom by October after majority of the people voted to leave the European Union. Cameron who urged the country to vote Remain said that “fresh leadership” was needed as he wasn’t the right man to lead the nation into its “next destination”. It would be for the new prime minister to carry out negotiations with the EU and invoke Article 50 of the Lisbon Treaty, which would give the UK two years to negotiate its withdrawal, he said.

“The British people have voted to leave the European Union and their will must be respected,” said Mr Cameron. The voter turn out was the highest in the UK since 1992 with more than 30 million people voting, which is 71.8% of the registered voters.

This is indeed a historic decision from the people of Britain that would shape the future of Britain or even the world after almost 43 years since joining European Union in what was dubbed as Brexit.

The major reasons why Britain have been wanting to exit the EU has been based on issues to do with economics and immigration. EU law guarantees that citizens of one EU country have the right to travel, live, and work in other EU countries.

British people have felt the impact of this rule as workers from eurozone countries such as Ireland, Italy, and Lithuania (as well as EU countries like Poland and Romania that have not yet joined the common currency) have flocked to the UK in search of work.

The world awaits in curiosity to see how this decision will affect Britain, Europe and indeed the World with the immediate reaction being the dropping on the Sterling Pound to a 30 year low against the dollar.