In a statesmanlike address from the Vote Leave headquarters, Mr Johnson positioned himself as a Prime Minister in waiting by urging unity in the nation and speaking of the bright future that now awaits an outward-looking Britain.
“I want to speak to the millions of people who did not vote for this outcome especially young people who may feel that this decision in some way involves pulling up the drawbridge or any kind of isolationism. I think the very opposite is true.
“To those who may be anxious at home or abroad this does not mean that that he UK will be in anyway less united nor indeed does it mean that it will be any less European.”
He added: “We cannot turn our backs on Europe. We are part of Europe. Our children and grandchildren will continue to have a wonderful future as Europeans travelling to the continent, understanding the languages and cultures that make up of common European civilisation.”
It is now expected that Mr Johnson will stand as leader, with Mr Gove, the Justice Secretary, becoming the Chancellor in a “Brexit Government”, sources claimed.
George Osborne, the current Chancellor, could work alongside the pair after it emerged that he made overtures towards Mr Johnson, sending an olive branch text message in the early hours of Friday following the shock victory by the Leave campaign.
It came on a day described as the most dramatic in the modern history of British politics. In the space of just six hours the country voted to leave the European Union, Mr Cameron resigned and Jeremy Corbyn was left facing a leadership challenge.
As the financial markets crashed to a 31-year low, Scottish First Minister Nicola Sturgeon said a second independence referendum was now “highly likely” and there were calls for a united Ireland after both nations voted to Remain against the prevailing national mood.
After a night of tension which say the Brexit campaign score major victories across middle England and the north, it became clear shortly after dawn that Mr Cameron was going to resign.
At 8.15am he gave a speech in Downing Street flanked by his wife Samantha, who appeared tearful as her husband said it was “in the national interest to have a period of stability and then the new leadership required”.
Sources close to Mr Johnson say he was left “extremely upset” by Mr Cameron’s resignation and “felt personally responsible” as he watched an emotional Mr Cameron tell the nation that he is no longer the right person to be "the captain that steers our country to its next destination".
While Mr Cameron called Mr Gove before making his resignation speech outside Number 10, he pointedly declined to make contact with Mr Johnson, only replying to a text message sent later in the morning by the former London mayor.
Within minutes of Mr Cameron saying that he wanted a new Tory leader in place by the beginning of October, there was speculation about his potential successor.
Although Mr Johnson is the clear frontrunner, moderates were last night understood to be rallying around Theresa May, the Home Secretary, who backed Remain but was praised by Eurosceptics for keeping relatively silent during the campaign.
As the financial markets collapsed in the minutes after Mr Cameron’s speech, Mark Carney, the Bank of England Governor, said he was prepared to take "all necessary steps" after the FTSE 100 fell by more than 8 per cent - equivalent to £120billion.
The markets calmed after Mr Carney said that he is prepared to inject up to £250billion into the financial system to help steady the economy following the vote to leave the European Union.
Eurosceptic ministers yesterday hailed the recovery of the markets as evidence that that the economic warnings of Mr Cameron and Mr Osborne were unfounded.
Meanwhile, Mr Corbyn will face a formal leadership contest within days after two Labour MPs submitted a motion of no confidence and scores more called on him to resign after the country voted for Brexit.
Labour MPs were left furious after his lacklustre campaigning during in the referendum campaign led droves of voters concerned over immigration to back a Brexit.
Meanwhile, the White House said US President Barack Obama stands by his warning that Britain will go to the “the back of the queue” in trade negotiations after leaving the EU. He also said on Friday that the two countries will remain “indispensable partners”.
And the French government said that border controls will remain in place preventing migrant camps moving to the South East of England.
Downing Street had warned during the referendum campaign that a Brexit could lead to migrant camps springing up in Kent if France refused to honour the 13-year-old Le Touquet agreement.
Under the treaty, Britain is allowed to conduct border controls at French rather than UK borders. This means that it checks for migrants stowing away on lorries or trains bound for Britain in Calais, not Dover.
In a statement on Friday, the French Government said the agreement would not be ripped up and would continue to stand.
'Is it really fair to decide Britain's future this way?'
Chinese state media is offering snide criticism of the negative consequences of democracy after Britain's vote to leave the European Union.
Relations between Britain and China have been warming over the past few years and economic links have multiplied, in what both countries refer to as a "golden age" in ties, a concept promoted by President Xi Jinping and David Cameron.
But on Saturday, influential Chinese tabloid the Global Times, published by the ruling Communist Party's official People's Daily, wondered at the wisdom of such a momentous decision being decided by such relatively narrow margin. Its editorial said:
Is it really fair to decide Britain's future this way? For the Chinese people, who are at a critical time to learn about globalisation and democracy, they will continue to watch the consequence of Britain's embracing of a 'democratic' referendum.
In a front page commentary, the People's Daily overseas edition dismissed people wanting to "stir up trouble and badmouth Sino-British ties".
In the face of much complicated information, people need to see the positive aspects in relations. Cooperation won't change because of Brexit. Going forward, China and Britain will keep pushing for the early realisation of the 'golden age'.
Petitions site crashes amid 'new referendum' traffic
The House of Commons petition website crashed earlier today after it experienced its highest traffic levels ever.
There was a rush to sign a petition calling for a second referendum on EU membership, which now has over 200,000 signatures.
Most of those who signed hail from London, according to traffic data.
The petition reads: "We the undersigned call upon HM Government to implement a rule that if the Remain or Leave vote is less than 60% based on a turnout less than 75%, there should be another referendum."
Game of Thrones will be unaffected by Brexit
HBO has announced that its massively popular show will not see its European Union funding slashed. Because the EU funding is based in part on the fact that the show is shot largely in Northern Ireland, there was speculation that the British referendum could have bearing on its balance sheet.
Not so, as it turns out.
Moody's downgrades UK's credit outlook
Moody's, the credit rating agency, cut Britain's credit rating outlook to "negative" Friday, saying the vote to pull out of the European Union could hurt its economic prospects.
While holding the country's overall rating at a high "Aa1", Moody's said after the Brexit vote that it expects "heightened uncertainty, diminished confidence and lower spending and investment to result in weaker growth." (per AFP)
Sarah Palin compares Brexit to Declaration of Independence
Here's what Sarah Palin had to say about the referendum in a post to Facebook:
When in the course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another...
The UK knew - it was that time. And now is that time in the USA.
The Brexit referendum is akin to our own Declaration of Independence. May that refreshed spirit of sovereignty spread over the pond to America's shores!
Congratulations, smart Brits. Good on you for ignoring all the fear mongering from special interest globalists who tend to aim for that apocalyptic One World Government that dissolves a nation's self-determination and sovereignty... the EU being a One World Government mini-me.
America can learn an encouraging lesson from this. It is time to dissolve political bands that connect us to agendas not in our best interest. May UN shackles be next on the chopping block.
Trump, Clinton bring Brexit into US election battle
Here was Mrs Clinton's take from earlier today:
Hours after the #BrexitVote, Donald Trump was in the U.K.
Talking about how he, personally, would benefit.
All US financial regulators hold phone meeting to discuss Brexit fallout
The heads of all the US financial regulatory agencies will hold a meeting by phone on Friday to discuss the vote by Britain to leave the European Union, according to a notice from the Treasury Department.
Treasury Secretary Jack Lew will preside over the discussion of the Financial Stability Oversight Council, which was created in response to the 2007-09 financial crisis and which also includes the heads of the Federal Reserve, Securities and Exchange Commision and the Commodity Futures Trading Commission.
Here's Mr Lew's statement from earlier today about the referendum:
Trump draws parallels between Brexit and his campaign
In a fundraising email sent this evening, the Trump campaign has drawn a direct link between the result of the referendum and his desired result in November's general election.
Brexit has sent the markets tumbling downward, but Mr Trump hopes it will send his fundraising totals in the opposite direction.
Pentagon: Brexit won't affect Nato
The Pentagon is confident that defense ties with Britain will continue and U.S. Secretary of Defense Ash Carter spoke with his counterpart by phone after Britain voted to leave the European Union, a Pentagon spokesman said on Friday.
Speaking with reporters, Peter Cook said the United States was confident that Britain would remain a strong ally in NATO, which "will continue to perform its very important function."
Germans to foot much of the bill for Brexit
James Rothwell reports:
Germany’s contribution to the EU’s annual budget could rise by more than £2 billion when Britain leaves, the country’s finance ministry has said.
According to Die Welt newspaper, the finance ministry's "strategy paper" said it may have to cover the cost of Britain's exit by handing over an extra 3 billion euros (£2.4 billion) each year.
The document also recommended that Germany offered Britain "constructive exit negotiations" aimed at making the UK an "associated partner country."
Germany is already the EU's biggest budget contributor - its net contribution in 2013 came to more than 16 billion euros (£12 billion).
And before voting to leave, the United Kingdom was the second most generous EU contributor, with a net offering of £10 billion.
That could at least partially explain this tweet:
"They look forward to seeing each other..."
Barack Obama and David Cameron have overlapped as president and Prime Minister for six years. Just months remain of that partnership, with Mr Cameron succumbing to a defeat Mr Obama travelled to the UK to try and prevent.
One would think they would have plenty to say to each other today, though this readout from Downing Street gives the impression of a rather brief conversation.
Obama praises "outstanding friend" David Cameron, says Brexit raises questions about globalistation
Nick Allen in Washington writes:
President Barack Obama said he had spoken with David Cameron by phone and called him an "outstanding friend".
Mr Obama was speaking at a global entrepreneurship summit at Stanford University.
He said: "Just a few hours ago I spoke with Prime Minister David Cameron. David has been an outstanding friend and partner on the global stage. "Based on our conversation I am confident the UK is committed to an orderly transition out of the EU.
"We agreed that out economic and financial teams will remain in close contact as we stay focused on ensuring economic growth and financial stability." Mr Obama said he then spoke to Angela Merkel.
He added: "I do thing the vote yesterday speaks to to the ongoing changes and challenges that are raised by globalisation. "While the UK's relations with the EU will change, one thing that will not change is the special relationship between our two nations. That will endure. "The EU will remain one of our indispensable security partners.OurNato alliance will remain a cornerstone of global security."
Migrant camps will not move to the UK after Brexit, admits France
Migrant camps will not move to the South East of England now that Britain has voted to leave the European Union, the French Government has said.
Downing Street had warned during the referendum campaign that a Brexit could lead to migrant camps springing up in Kent if France refused to honour a 13 year old agreement.
Under the Le Touquet treaty agreed in 2003 between the UK and France, Britain is allowed to conduct border controls at French rather than UK borders.
This means that it checks for migrants stowing away on lorries or trains bound for Britain in Calais, not Dover.
In a statement on Friday, the French Government said the agreement would not be ripped up and would continue to stand.
This means that the camps, such as the notorious "jungle" which was dismantled in March, will continue to be sited near Calais.
Report from Christopher Hope
Corbyn rejects no confidence vote
Jeremy Corbyn has told Channel 4 News he has no plans on resigning.
He said: “No, I’m carrying on. I’m making the case for unity, I’m making the case of what Labour can offer to Britain, of decent housing for people, of good secure jobs for people, of trade with Europe and of course with other parts of the world. Because if we don’t get the trade issue right we’ve got a real problem in this country.
Jeremy Corbyn response to @jonsnowC4 on Margaret Hodge calls for no confidence vote in him - full i/view #c4news 7pm
Asked if he will call for a General Election, he says: “I think the issue will come up after the election of the new Tory leader. They may well decide to call an election.
"What the British people need now is stability. Stability to retain their jobs, stability to protect those working conditions, and we need a plan from this government now on how they’re going to approach the negotiations for leaving the European Union before they invoke Article 50.”
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