Conservative Prime Minister David Cameron has resigned as Prime Minister after Britain voted to leave the European Union last night.
Cameron, who promised the EU referendum to the British people, and campaigned vigorously for Britain to remain within the Union, said that he did not feel he was the right man to carry out negotiations. He stated that "the country requires fresh leadership" and that he hopes a successor will be in place by the Conservative Party conference in October.
It remains to be seen who will contest the leadership of the party, but it seems highly likely that Boris Johnson will run for the job, possibly against fellow Leave campaigner Michael Gove.
The Prime Minister’s decision will undoubtedly have wider ramifications for British politics, and it is likely that many MPs will call for a general election so that the nation can decide whether to give a mandate to the new Tory leadership.
Meanwhile, given the prospect of a general election, and the failure of the Labour Party to convince their constituents to vote Remain, it is also likely that Jeremy Corbyn will face serious questions over his own future as Labour leader. It has already been rumoured that John McDonnell, who is Corbyn’s closest ally in the shadow cabinet, may be poised to launch a leadership challenge.
If this is the case, we can also expect a bid from a centre-ground MP, who will almost certainly call for the party to re-embrace socially conservative values, in keeping with the views expressed by working-class voters during the EU referendum.