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G20 set to warn against Brexit: UK’s departure could 'shock' world economy

The world’s 20 leading economies are set to warn about the risks the UK leaving the EU would pose to the global economy

27 February 2016, 11:04am
A leaked draft of the final communiqué from the G20 meeting in Shanghai warns of the risks posed by a potential departure of the UK from the European Union.

It appears that Britain appears to have persuaded the Group of 20 leading economies to included a warning about the risks of a Brexit, The Financial Times reports, adding that a leaked copy includes a section of “downside risks and vulnerabilities” in the global economy which mentions “the shock of a potential UK exit from the EU”.

The warning has been pushed by UK chancellor George Osborne, as part of a drive to secure global backing for the case for remaining in the EU.

The FT also reports that early drafts of the communiqué drawn up before the Shanghai talks began did not include any reference to Brexit, prompting Osborne to lobby for inclusion.

The ministers and central bank chiefs also agreed to use all policy tools to help boost the slow-moving global growth.

The global economic recovery is "uneven and falls short of our ambition for strong, sustainable and balanced growth," G20 finance ministers said after the meeting.

"There are growing concerns about the risk of further downward revision" in global economic prospects: "We agree that we need to do more to achieve our common objectives for global growth."