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The  world's leading economies will do more to lift global growth and share the benefits more broadly, top policymakers said on Saturday as they sought to deal with fallout from Britain's Brexit vote and counter dissatisfaction with globalization. Finance ministers and central bankers from the Group of 20 nation are huddling in China's southwestern city of Chengdu this weekend to discuss how to confront global challenges exacerbated by Britain's decision to leave the European Union. Britains Phillip Hammond The new Chancellor of the Exchequer making his way to the G20 conference  The spectre of protectionism, highlighted by U.S. Republican presidential candidate Donald Trump's "America First" rhetoric and talk of pulling out of trade agreements, also hangs over the meeting. "The recovery continues but remains weaker than desirable. Meanwhile, the benefits of growth need to be shared more broadly within countries to promote i...

Bank of England policymakers said sterling had been dealt a big hit by uncertainty in the run-up to the referendum on EU membership and that growth could slow, after voting unanimously to keep rates steady. The central bank said the upcoming vote on June 23 could delay some spending decisions, though it said recent indicators suggested growth would keep the same momentum this quarter as it had at the end of last year. The BoE reiterated that interest rates were more likely to rise than not over the next two years and that when they did the rise would be gradual, given likely headwinds. After a rapid recovery in recent years, British growth slowed in the second half of last year and recent surveys show it had a rocky start to 2016, when the country will hold a referendum on its membership of the European Union. Tail Risk Measurement Heuristics by Nassim Nicholas Taleb - One Bank Flagship Seminar "There appears to be increased uncertainty surrounding the forthcom...

Bank of England Governor Mark Carney warned on Friday [26 //02/2016] that moves by central banks to cut interest rates below zero risked creating a "beggar-thy-neighbour" environment which could leave the global economy trapped in low growth. In a speech to be delivered at a meeting of Group of 20 finance ministers and central bank chiefs in Shanghai, Carney also blamed the recent global slump in shares and other asset prices on the failure of governments to make bold reforms of their economies. "The global economy risks becoming trapped in a low-growth, low-inflation, low-interest rate equilibrium," he said in the speech which suggested governments might consider boosting demand by raising their own borrowing and spending. Concerns about the extent of a slowdown in the world economy have mounted since the start of the year and analysts say the risks of a new global recession are growing. Carney earlier this week said the BoE might cut interest rates f...

The Governor of the Bank of England has ruled out an immediate rise in interest rates because of the turmoil in the global economy and weaker UK growth. In a gloomy assessment of the state of the world , Mark Carney said that collapsing oil prices and an "unforgiving" global environment meant that tighter monetary policy was not yet necessary". Mr Carney's assessment comes six months after he suggested that a rise in interest rates would come into "sharper relief" at the beginning of 2016. Many assessed that as a signal that rates would start rising early this year - a relief for savers who have struggled with historically low interest rates since the financial crisis. 'Turned' Rate rises now seem a more remote prospect, with many economists predicting no change in interest rates until the second half of the year or even into 2017 - despite Mr Carney warning as long ago as the 2014 Mansion House speech [ see below video ]   ...