Shock waves resounded across Britain on Friday as the country woke to the knowledge that the majority of voters wanted to leave the European Union.

There was a rout on the pound and a confirmation from rating agency S&P that the UK was likely to lose its final AAA credit rating.

By the time most Britons woke the British Broadcasting Corporation had already called the vote and Asian traders were at work turning their backs on UK assets.

The pound had a wild ride in the right. Early exit polls had suggested the vote would go to the Remain camp but it soon became apparent that working class people and residents of smaller towns and seaside villages across the country were coming out in droves to join the revolt. Not surprisingly, London and other big towns voted to remain.

After polls closed the pound hit $1.50, its highest point for the year, but within six hours it had shed more than 10 percent to $1.3230, its lowest level in more than 30 years.

At just before 4.45am, the BBC called the result of the historic referendum, at around 52 percent for Leave.

All eyes are on British Prime Minister David Cameron, who is due to make a statement this morning. He campaigned strongly in favour of Remain, and a Leave vote is likely to have seriously damaged his position. Political stability will be a major concern, however, and Cameron is reported to have received a letter from more than 80 Eurosceptic MPs calling on him to remain as prime minister regardless of the result.