David Cameron has resigned as Prime Minister after the UK public voted to leave the European Union in the referendum.
A tearful Mr Cameron - his wife by his side - said the UK needed "fresh leadership" and that he had already spoken to the Queen about his decision.
The PM campaigned to remain in the EU but the public rejected his arguments and chose to leave the EU by 51.9% to 48.1%.
Speaking to masses of reporters outside Downing Street, the PM said he would aim to have a new leader in place by the Conservative party conference in October.
"The British people have voted to leave the European Union and their will must be respected," Mr Cameron said.
"The country requires fresh leadership to take it in this direction," added the PM.
"I will do everything I can as Prime Minister to steady the ship over the coming weeks and months, but I don't 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 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."
Mr Cameron said he had fought the "only way I know how ... head, heart and soul" to stay in the EU but that voters had chosen a different path.
With tears in his eyes, his voice cracking, the PM said: "I love this country, and I feel honoured to have served it and I will do everything I can in the future to help this great country succeed."
He then turned away, took his wife's hand and headed back into Number 10.
The PM also used his speech to congratulate Leave campaigners - who included Boris Johnson and his friend Michael Gove - for their "spirited and passionate case".
Both men were among more than 80 Tory MPs who had earlier signed a letter saying Mr Cameron had a "mandate and a duty" to stay on whatever the result of the referendum.
The Tories now have three months to choose who will lead the party and become the UK's new prime minister.
Those potentially in the frame including Education Secretary Nicky Morgan - who is reportedly mulling whether she should pursue the top job - and Home Secretary Theresa May.
Mr Cameron also used his speech to try to ease the economic fallout of Brexit - that has so far seen the FTSE share index shed £120bn,
The PM stressed the economy was "fundamentally strong" and said there would be no immediate changes for businesses, for EU citizens in the UK or Britons living in Europe.
"There will be no initial change in the way our people can travel, in the way our goods can move or the way our services can be sold," the PM said.
Trade issues will be at the heart of talks to thrash out exactly how Britain's relationship with the EU will work in future - negotiations that many expect will last for years.
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