GETTY The collapse is deeper than the UK suffered during the Winter of Discontent in 1978

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In news that will be welcomed in Paris' financial sector, economists say Britain has dropped into sixth place in the wake of a vote for Brexit. The development will ring alarm bells in the City, coming after ratings agency Standard and Poor's warned it would likely downgrade the country's triple A rating.

Analysis by the London Economic found Sterling's historic fall came as a hammer blow to the UK economy. Moody's ratings agency also warned Brexit “heralds a prolonged period of policy uncertainty that will weigh on the UK's economic and financial performance”. The collapse is deeper than the UK suffered during the Winter of Discontent in 1978, Black Wednesday in 1992 and the most recent 2009 recession when Lehman Brothers collapsed.

Brexit: What happens next Fri, June 24, 2016 After yesterday's referendum, here is a look at what will happen immediately following the historic vote for Britain to leave the EU. Play slideshow AFP/Getty Images 1 of 14 Brexit: What to expect next