G20 Finance ministers take unprecedented step on warning against the Brexit

HM Treasury

Archive image of George Osborne and Vice Premier Wang Qishan

AT THE END of a two day meeting in China and apparently without any prompting from Britain, Finance ministers from the G20 group of leading economies warned that that there would be a detrimental effect to the global economy should Britain leave Europe.

The Chancellor of the Exchequer George Osborne told the BBC: “The financial leaders of the world’s biggest countries have given their unanimous verdict and they say that a British exit from the EU would be a shock to the world economy. And if it’s a shock to the world economy imagine what it would do to Britain.”

He added: “This isn’t some adventurous journey into the unknown, with all the humour attached to it, this is deadly serious.”

Needless to say, Nigel Farage the UKIP leader said the G20 announcement was “no surprise” as it was “mates helping each other out”. “I’m not surprised that big government gets together to support David Cameron,” he added.

“This is big banks, big business, big government all scratching each other’s backs. I don’t think that impresses voters.”

Even the Chinese, who tend to keep out of interfering with domestic politics in the west, have made it clear since the concept of the referendum was first muted that they want to see Britain remain in the EU.

The other ‘major power’ at the meeting has also been very positive in its view that Britain should remain within the EU as the White House believed it was in the UK’s “national security interests” to remain.

According to the CBI, the majority of its members also want to see the country vote in favour of staying, although this is by no means 100 per cent supported by all of its members but it seems that the banks will just follow the money so if Britain leaves, then with the exception of RBS which is 80 per cent government owned, the others will happily move to Frankfurt or another European financial capital.

Author badge placeholder
Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews