The famous economist that was meant to shape Labour's economic policy has abandoned the party

Thomas Piketty, a noted French economist, has quit his role as an advisor to the Labour party - blaming its "very weak" EU referendum campaign and that he is "deeply concerned" with the prospect of a Brexit, according to Sky News.

The move comes as the Labour party faces its worst crisis in years following an overwhelming vote of 'No Confidence' by Labour MPs against leader Jeremy Corbyn.

Many have criticised Corbyn for running a half-hearted campaign for Britain to stay in the EU leading up to Thursday's referendum, in which the UK shocked the world by voting to leave.

Thomas Piketty, a Nobel Prize winner, is one of the most famous left-wing economists in the world. He shot to fame in his 2013 book "Capital in the Twenty-First Century," which focuses on wealth and income inequality.

He joined Corbyn's economic advisory council last year on the leader's pledge to cut UK austerity implemented by the Conservative government. The council was set to meet four times a year to prep shadow chancellor John McDonnell and give lectures to MPs on economic matters in Westminster.

But it seems that the Brexit vote - combined with the strong possibility that Corbyn may not even be a Labour leader by the next General Election - proved too much Piketty.

The economic fallout from Brexit is still hard to determine. Some have pointed to the current upturn in the markets as a good omen, while Credit Suisse has released a note saying it does not think it will lead to another credit crisis.

But there are still signs that the UK economy will not escape unharmed: telecom giant Vodafone has already announced that it is thinking of moving some employees overseas, while Goldman Sachs has said it expects many banks to do the same.