France 5th

France overtakes Britain as world’s fifth largest economy as Brexit fears hit markets

Pound falls against the euro, putting France ahead of Britain for first time since 2014 

Uncertainty following Brexit vote has hit exchange rates and markets iStock

France has overtaken Britain to take fifth place on the list of the world’s largest economies after the pound slumped to a fresh 31-year low following last month’s Brexit vote.

The pound has fallen by about 14 per cent against the dollar since it hit $1.50 ahead of the referendum result, and has fallen 0.9 per cent against the euro to €1.1656 on Wednesday.

by Harry Cockburn