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G20: Brexit will shock world economy, warns G20 - by James Crisp

A potential British exit from the European Union would be a “shock” that ranks among rising downside risks and vulnerabilities for the world economy, G20 finance ministers said Saturday (27 February) after a meeting in China.

The issue, which will be put to British voters in June, was cited in the seventh line of a communique, highlighting its importance to the officials meetings in Shanghai.

The world’s 20 top economies will use all policy tools available to lift sluggish global growth, they said, despite German disquiet over fiscal and monetary stimulus.

The G20 finance ministers and central bank chiefs said in a communique that while the global recovery was continuing, “it remains uneven and falls short of our ambition for strong, sustainable and balanced growth”.

“Here at the G20, finance leaders and central bank governors of the world’s biggest economies have raised serious concerns about the risks posed by a UK exit from the EU,” UK Chancellor George Osborne said in a statement from Shanghai.

“They have concluded unanimously today that what they call the shock of a potential UK vote to leave is among the biggest economic dangers this year.”

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