The UK has voted to leave the EU - a process that has come to be known as Brexit. Here is what is likely to happen next.

The story so far

At exactly 06:00 BST on 24 June it was confirmed that the UK had voted to leave the European Union. The first thing to stress is that the UK will not leave immediately. The UK is still a member of the EU and will probably remain so for several years. But the vote has already triggered an extraordinary chain of events.

A new prime minister needed

In a statement outside Downing Street, David Cameron said the government would respect the result and carry out the instructions of the British people, reassuring the 2.9 million EU citizens in the UK that they will not be adversely affected.

Although it was his responsibility to remain in No 10 to "steady the ship", he announced he would step down in the autumn as he was not the right "captain to steer the country to its next destination".

A new Conservative leader and prime minister is expected to be elected by 9 September.

The markets react: Market reaction to the referendum result was immediate and dramatic.The value of the pound has also been hit hard on the foreign exchange markets. Business leaders have appealed for calm but also more clarity over how the process of leaving the EU will proceed and who will lead it. A number of firms have said they will review their investment in the UK.

European leaders respond: All EU leaders wanted the UK to stay in the bloc and a Leave vote has been met with disappointment and dismay across the Channel. EU leaders are particularly worried about the prospect of "contagion", with the UK's decision already fuelling demands from populist, anti-EU parties in France and the Netherlands for referendums of their own on EU membership.

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