G20 finance ministers pledge to mitigate Brexit shock, boost growth

Finance ministers and officials of the world's major economies have pledged to boost global growth and mitigate the impact of the UK's vote to leave the European Union. A joint statement issued by the ministers also dismissed trade protectionism and pledged to avoid devaluing currencies to boost exports.

The announcement came on Sunday, 24 July, at the conclusion of the two-day G20 summit of finance ministers and central bank officials held in Chengdu, China.

However, the statement stopped short of announcing any joint action, despite officials from the US, China, UK and Germany advocating spending, monetary policy and regulatory reforms to strengthen the global economy.

"We are taking action to boost confidence and promote growth," and use "any and all policy instruments" to achieve "strong, sustainable, balanced and inclusive growth objectives", the statement read.

The G20 also called for a "close partnership" between the UK and EU as Brexit negotiations unfold.

"The referendum increased global economic uncertainty. G20 members are ready to actively respond to the potential economic and financial impact brought by the British referendum. In the future, we hope to see Britain as a close partner of the EU."

When asked why coordination actions and strategies had not been detailed, US Treasury Secretary Jacob Lew told reporters that it was not the "right time", as many economies face different conditions.