Nicola Blackwood, MP for Oxford West and Abingdon, who was in the Remain camp, says she is confident the UK will rise to the challenge of Brexit.

However, she said it was "vital that the government moves quickly to reassure those who voted remain as well as those voted to leave that their views will be taken into account". 

She added: "The message needs to go out to our scientists and their collaborators in Europe that the UK remains firmly open for business as a willing and reliable partner. 

"If EU research funding is affected after the exit negotiations that follow, the Treasury may have to reallocate funds previously sent to the EU."

Our slightly sarcastic political reporter Bethan Phillips speaking on air to BBC Radio Oxford presenter Kat Orman earlier.

Richard Baker, managing partner across the Thames Valley & South Coast for international auditors Ernst & Young, said the UK was now "entering unchartered territory".

"It is vital that the message that the UK is open for business should not change. 

“The UK will also have the opportunity to make new trade deals so it is important that key trading partners are quickly identified and negotiations accelerated. Businesses across the South East must use the next few months to assess their position in terms of trade, their people and regulation."

Oxford University - which backed Remain -  has told its staff and students not to expect any disruption in the short term following the decision on Brexit, as the process of leaving is expected to take two years.

But it added that EU membership had enabled its participation in pan-European research and access to millions of pounds of research funding.

And if you missed that moment, here's when David Cameron announced his decision to step down by October.

He said he had informed the Queen of his decision to remain in place for the short term and to then hand over to a new prime minister by the time of the Conservative conference in October.  

Our reporter Bethan Phillips was in Mr Cameron's constituency as the news broke earlier.

"I had David Cameron's speech on the radio here in the market square in Witney, and people stopped to listen, and the shock rippled through the town centre as he made that announcement he was stepping down."

Oxford Labour councillor John Tanner has called today a "deeply sad day not just for the United Kingdom but for the rest of Europe too".

"We did all that we could. Oxford and most of Oxfordshire can hold its head up high. 

"Oxford City voted overwhelmingly (70%) to Remain. Unfortunately not enough people in the rest of Britain agreed with us."

He said the dream of a "united, democratic and prosperous Europe, with Britain at its heart, must never be allowed to fade".      

Our political correspondent Peter Henley puts the results in the South in context.

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Mark Stuart says: "I am glad the country voted out, I for one voted out." 

Daniel Wallace says: "I was proud to be British, but this morning I am ashamed. It seems that our country is now made up of bigoted racists who blame the immigrants at the first sign of trouble."

Vicky Rainbow says: "Now we are out, Life goes on, we need to stay positive and trust that whatever happens will be for the best."

Edward Guise adds: "Thanks, baby-boomers, for destroying the future of your children and grandchildren." 

John Cotton, leader of South Oxfordshire District Council, who campaigned to leave the EU, has admitted to going "from elation to despair in the space of an hour".

He added: "I can understand completely from his perspective why [David Cameron] would want to go. It’s a very honourable thing to do. 

"But from the country’s point of view we needed him at the helm."

Liam Walker (pictured second from right), a Conservative and Remain activist in Witney said he was "very emotional" to hear Cameron resign.

Image source, Liam Walker

"He shouldn't have gone in my opinion. This is the man who's developed the referendum as promised in our manifesto. I'm a bit taken aback by it.

"It's not nice to have this rivalry in the Conservative party. We always seem to end up killing and eating ourselves from the inside. It's very noble of him to stand aside, but actually he probably could have carried on with the reforms.

Prime Minister David Cameron is to step down by October after the UK voted to leave the European Union.

Dave Gilyeat
BBC News

"I held nothing back."

The BBC Oxford team watch as Witney MP David Cameron announces his decision to stand down as prime minister by October.

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

Remainer Ed Vaizey, MP for Wantage, said: "I’m obviously going to respect the decision… I’m going to work with everyone in Oxfordshire to ensure that we get the right result for Britain.”

Image source, PA

He also backed David Cameron to stay in office: "This is a moment of complete turmoil. I’m not saying that in a perjorative sense, it’s just an observation. 

"It’s an unprecedented and historic decision and I think the last thing we need is further political turmoil with the prime minister stepping down.

"We need a period of stability and calm and reassurance… and I think it would be a dereliction in some ways if he then said ‘I’m now going to stand down’.”

David Cameron, who is also MP for Witney, is expected to make a statement outside No 10 at about 08:15.

Image source, Reuters

During the campaign, Mr Cameron insisted he would not quit as prime minister in the event of a leave vote, and on Thursday night 84 Conservative MPs who campaigned for Brexit urged him to remain as prime minister.

However, there are plenty of commentators and some Tory MPs who believe the Leave vote will put him in an untenable position.

James Wakeley, who helped co-ordinate the Leave campaign in Oxford, said he wasn't too disappointed with the local results.

"The polls always had Oxford going one way, but the strong lead we've developed in neighbourhoods like Blackbird Leys, Northfield Brook and Barton shows that people in Oxford really care about being governed by the people we choose."