Brexit live: David Cameron resigns after EU referendum result

PM will hand over to new leader by Tory autumn conference
Pound falls sharply as markets react to shock Brexit vote
Bank of England pledges to ‘take all necessary steps’

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Andrew Sparrow (until 8.30am) and Matthew Weaver (now)

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UK should leave EU within 2 years, says EPP chair

Manfred Weber, the chairman of the European People’s Party group of centre-right parties in the European parliament, has used Twitter to say that he thinks the UK should leave the EU within two years. The EPP is the biggest group in the parliament.

— Manfred Weber (@ManfredWeber) June 24, 2016
We respect and regret the decision of the British voters. It causes major damage to both sides. #Brexit 1/4

— Manfred Weber (@ManfredWeber) June 24, 2016
This was a British vote, not a European vote. Cooperation within Europe is a question of self-assertion of the continent #UKReferendum 2/4

— Manfred Weber (@ManfredWeber) June 24, 2016
We want a better and smarter #Europe. We have to convince the people and bring Europe back to them. @EPPGroup

— Manfred Weber (@ManfredWeber) June 24, 2016
Exit negotiations should be concluded within 2 years at max. There cannot be any special treatment. Leave means leave. #Brexit 4/4

6.13am BST 06:13

Liam Fox, the Conservative former defence secretary, told the BBC it would be a mistake for David Cameron to invoke article 50 (the procedure that starts the two-year countdown to withdrawal) immediately. Cameron said he would do this immediately in the event of a Brexit vote during the campaign. But Fox said that that was a campaign promise that it would be best to ignore.

6.07am BST 06:07

We are going to get a statement from David Cameron shortly, Sky’s Kay Burley says.

— Kay Burley (@KayBurley) June 24, 2016
PM to make a statement shortly calling for stability and unity #EUref

6.06am BST 06:06

John McDonnell, the shadow chancellor, has urged the government to take steps to stablise the economy.

People will be waking up this morning to turmoil in the markets and the pound crashing, and fearing the emergency budget the chancellor threatened to hike their taxes and cut public services.

The government must now take steps to stabilise the economy, and to protect jobs, pensions and wages. Labour will not allow any instability to be paid for by the working people of this country.

Updated at 6.17am BST

6.04am BST 06:04

Geert Wilders, a Dutch far-right politician, said on his website that Brexit has created a precedent for other European countries to exit the EU:

We want be in charge of our own country, our own money, our own borders, and our own immigration policy. If I become prime minister, there will be a referendum in the Netherlands on leaving the European Union as well. Let the Dutch people decide.

— Geert Wilders (@geertwilderspvv) June 24, 2016
Hurrah for the British! Now it is our turn. Time for a Dutch referendum! #ByeByeEU https://t.co/kXZ0aQtgmx

6.04am BST 06:04

Leave campaign has officially passed the winning post in the EU referendum, the Press Association reports.

Updated at 6.17am BST

6.02am BST 06:02

Matthew Weaver

The chair of Vote Leave, Gisela Stuart, broke into her native German to reassure Europe that Britain would continue to be an “open” and welcoming society” despite the decision to leave the EU.

In a speech in Manchester, Stuart provided this translation:

What I have just said [in German] is to make clear to all our colleagues in Europe, that Britain is an open society, it is a welcoming society and we will be continuing to be cooperating with European countries on an international level.

Labour MP Gisela Stuart speaks to media in Manchester. Photograph: Andrew Yates/Reuters

She added:

This referendum has taken place against the backdropof all the might of institutions and of money. The people were given the impression that they had no choice but to remain, but they voted to leave. It is now incumbent on all of us to be very calm ... and work together.

It is our opportunity to take back control of democratic decisions but also an opportunity to renew some of those processes. Vote Leave has been a cross party organisation. I think what happens now also has to be a cross party effort, because we have a responsibility to act in the best long term interest of this country.”

6.01am BST 06:01

JK Rowling has used Twitter to says that Daivd Cameron’s legacy will be “breaking up two unions”.

— J.K. Rowling (@jk_rowling) June 24, 2016
Scotland will seek independence now. Cameron's legacy will be breaking up two unions. Neither needed to happen. https://t.co/4MDj7pndcq

5.58am BST 05:58

EU referendum: how Britain voted out

EU referendum: how Britain voted for Brexit – video

We take look back at how events unfolded on EU referendum night. From the moment polls closed at 10pm to Farage’s victorious speech in the early hours of the morning, watch to see how Britain voted to leave the European Union.

5.58am BST 05:58

This is from the Spectator’s James Forsyth.

— James Forsyth (@JGForsyth) June 24, 2016
Looking at regional breakdown, clear 1 reason OUT won is that Remain didn’t really have any politicians who could speak to the working class