G20 will use 'all policy tools' to protect growth as Brexit looms

Chengdu Leaders from the world's biggest economies are poised on Sunday to renew their commitments to support global growth and better coordinate actions in the face of uncertainty over Britain's decision to leave the European Union and growing protectionism.

The meeting of finance ministers and central bankers from the Group of 20 major economies in China's southwestern city of Chengdu is the first of its kind since last month's Brexit vote and a debut for Britain's new finance minister. Philip Hammond faced questions about how quickly the UK planned to move ahead with formal negotiations to leave the EU.

"We are taking actions to foster confidence and support growth," a draft statement by the policymakers seen by Reuters said.

"In light of recent developments, we reiterate our determination to use all policy tools – monetary, fiscal and structural – individually and collectively to achieve our goal of strong, sustainable and balanced growth," it said.

The International Monetary Fund this week cut its global growth forecasts because of the Brexit vote.
Data on Friday seemed to bear out fears, with a British business activity index posting its biggest drop in its 20-year history.