A SEISMIC shift in British politics has played out over the last 24 hours.

Following a narrow Brexit win by 51.9 per cent to 48.1 per cent, Prime Minister David Cameron has resigned and will step down in October.

In an emotional speech outside 10 Downing Street at 8.15am Mr Cameron said: "The British people have made a very clear decision to take a different path and as such I think the country requires fresh leadership to take it in this direction."

Mr Cameron said: "Over thirty-three million people from England, Scotland, Wales, Northern Ireland and Gilbraltar have had their say. We should be proud of the fact we trust the the people of this country with this decision.

"The British people have decided to leave and their decision must be respected.

Mr Cameron wanted to assure both UK citizens and the rest of the world that Britain's economy was still strong.

Nigel Farage said June 23 would go down in history as Britain's Independence Day.

"This is a victory for real people, a victory for ordinary people, a victory for decent people," he said.

Locally Taunton Deane, Sedgemoor, West Somerset and South Somerset all voted in favour of leaving the EU.

Taunton voted Leave 34,789, Remain 30,944.

Sedgemoor voted Leave 41,869, Remain, 26,545.

West Somerset voted Leave 13,168, Remain, 8,566.

South Somerset voted Leave 56,940, Remain, 42,527.

A statement from the electoral commission has revealed that there was a turn out of 72.2 per cent, the largest EVER turn out for any vote or election in the United Kingdom.

Governor of the Bank of England Mark Carney says there are contingency plans in place for the British economy as the pound suffers a dramatic post brexit drop in value.

He emphasised that there will be no initial changes to means of travel within the of EU or changes to the way the UK trades.

"Some market and economic volatility can be expected," Mr Carney said.

"The Bank of England has been working closely with the Treasury to make contingency plans in the case of a leave vote."