One of the most immediate and dramatic ramifications of the U.K.'s vote to leave the EU was David Cameron's announcement that he will step down as Prime Minister of the U.K.
With Cameron vowing to be gone by the Conservative Party conference in October, several leading contenders to succeed him as its leader of the ruling Conservative Party - and therefore Prime Minister – are emerging.
There were also media reports of a challenge to Jeremy Corbyn, leader of the opposition Labour Party, after what many viewed as a tepid backing of the remain campaign. Two Labour politicians have submitted a "motion of no confidence" in Corbyn, calling for a debate on his leadership, according to Reuters.
No-one had yet declared themselves as a candidate to succeed Cameron, as Friday's dramatic events unfolded. Whoever takes over will have to decide when to trigger Article 50, the exit clause in the EU treaty, and start the negotiations for the U.K.'s new relationship with the EU.
However, Boris Johnson, the former Mayor of London who was one of the most prominent figures in the Leave campaign, swiftly emerged as the odds-on favorite, with betting firm Ladbrokes offering 4/6 odds on him as the next Tory leader Friday morning.