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G20 Finance ministers take unprecedented step on warning against the Brexit

By John Smith • Published: 27 Feb 2016 • 18:04

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.

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. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. 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

Comments

    • Mike in ESP

      27 February 2016 • 18:36

      Money makers interested in themselves making money, thats what they do so I think this would be as expected. They are all buddies so would be expected to speak out against a Brexit while experts at London-based Capital Economics have blasted claims trade would suffer if the UK were not a part of the EU, personally I agree with the latter… I guess the truth is we will never know for sure unless a Brexit happens but I expect DC and the EU to turn every deed ‘dirty included’ available to make sure that the IN’s have every advantage on getting the vote so we will probably never find out and so remain a part of this most blatantly corrupt and dysfunctional union!

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