European Union wants to start Brexit talks 'as soon as possible'

"But I do not think it would be right for me to try to be the captain that steers the country to its next destination".

MUST BE EXPLICIT The Council spokesman made clear that leaders can not simply choose to interpret something Cameron says as the trigger without the prime minister saying clearly he means it to be.

Britons, many anxious by immigration and what they saw as interference in the running of their country by bureaucrats in Brussels, voted by 52 to 48 percent to abandon the bloc after 43 years of often troubled membership.

European stock markets dropped around eight percent at opening before recovering later, while British bank shares lost a quarter of their value in morning trade.

European Council President Donald Tusk said the bloc was "determined to keep our unity at 27" and to prevent any further defections.

"Remain" supporters said this was a fantasy of sovereignty in an interconnected world, one that ignored the benefits the European Union, and EU workers, bring to Britain.

"Key exporters that will remain in the EU depend on Britain as a market for their products, so of course Europe will not want to cut off its nose in spite its face", he said, adding "Britain, as one-sixth of the European economy, clearly has leverage, but it's not unlimited".

The favorite to succeed him, former London Mayor Boris Johnson, has said there's "no need for haste" - but European Union leaders are saying the opposite, in insistent tones.

Malcolm Turnbull has urged Australians to embrace uncertainty after Britain's referendum result.

An aide to Cameron told Reuters that the results have sent Britain into "uncharted territory". Over 33 million people had their say, reflecting Britain's strength as a parliamentary democracy where we resolve great issues about our future through peaceful debate.

Scots backed staying in Britain in a 2014 referendum, but a new poll for the Sunday Times showed that 52 percent now back independence, with 48 percent against. Scotland's pro-EU First Minister Nicola Sturgeon said her devolved government was preparing to present legislation allowing a second independence referendum while continuing discussions on its place within the EU.

But European leaders have warned that they will not give London an easy ride, fearing that a smooth Brexit will encourage other European powers to jump ship. Brexit is receiving similar treatment.

French Foreign Minister Jean-Marc Ayrault said Europe will continue in the wake of Britain's decision but it was "urgent" for Europe to "react and regain the trust of the people".

The United Kingdom itself could also now break apart.

A German Foreign Ministry statement quoted Steinmeier as saying that the news from Britain was "really sobering".

He spoke alongside counterparts from the other five founding members of what has become the EU - Germany, Italy, the Netherlands, Belgium and Luxembourg.

Some European leaders still expect Cameron himself to start the process in the coming days or weeks, officials said on Saturday.

As Mr Johnson thanked voters for trusting his plan to leave the European Union, leaders stepped in to quell rising panic after the shock win.

Cameron said it should be his successor who leads the complex negotiations under Article 50 of the Lisbon Treaty which sets out a two-year time-frame to leave.

The victorious "leave" campaigners have said there's no rush to trigger Article 50 of the EU's Lisbon Treaty, which will begin a two-year exit process to renegotiate trade, business and political links between the United Kingdom and what will become a 27-nation bloc. He called his old university classmate "one of the most extraordinary politicians of our age" and commended Cameron's "bravery" for calling the referendum.

Britain's pound sterling currency fell to a level of $1.35 against the USA dollar - a 31-year low just one day after it hit a 2016 high of $1.50.

The Bank of England said it was monitoring developments closely, suggesting it would take necessary steps to support the currency.

Japanese Prime Minister Shinzo Abe told reporters, "As G7 host, Japan will strive to stabilise financial markets and global economic growth".

Source: European Union wants to start Brexit talks 'as soon as possible'