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The pound fell more than 10% against the dollar to levels last seen in 1985, its biggest one-day fall in history, on fears the decision could hit investment in the world's fifth-largest economy, threaten London's role as a global financial capital and usher in months of political uncertainty.

European shares plummeted more than 8%, headed for their biggest ever one-day fall. Billions of dollars were wiped off European banks' market value, with Britain's Royal Bank of Scotland, Barclays and Lloyds Banking Group among the biggest fallers.

An emotional Cameron, who led the "Remain" campaign but lost the gamble he took when he called the referendum three years ago, said he would resign as prime minister by October.

Despite opinion polls before the referendum that showed either side in a position to win, the outcome nonetheless stunned much of Britain, Europe and the trans-Atlantic alliance, highlighting the power of anti-elite, populist and nationalist sentiment at a time of economic and cultural dislocation.

Britain will become the first country to leave the 28-member bloc, which has been increasingly weighed down by its failures to deal fully with asuccession of crises, from the financial collapse of 2008 to a resurgent Russia and the huge influx of migrants last year.

It was a remarkable victory for the country’s anti-Europe forces, which not long ago were considered to have little chance of prevailing.