G7 group concerned about UK leaving EU

Concerned about Britain leaving the EU, the G7 Summit issued a statement emphasizing that this departure would be a "shock" to the global economy.

The risk of Britain leaving the European Union (EU) has dominated the meeting of Finance Ministers and Central Bank Governors of the Group of Seven leading industrialized countries (G7) in Japan, which ended on May 21.

Cartoon about Britain leaving the EU. Photo: paulhypepage.com.

The conference's communique stressed that Britain's departure from Europe would be a "shock" to the global economy.

The joint statement stated that in the context of "increased global instability, with geopolitical conflicts, terrorism and large-scale migration waves", the shock of the prospect of Britain leaving the European Union (EU) further complicates the world economic situation.

British Finance Minister Georges Osborne also warned that in the event of Britain leaving the European Union (Brexit), it would be extremely difficult for Britain to renegotiate a new Trade Agreement with Europe, as well as with dozens of non-European countries that are bound to the European Union through an agreement.

Leaving the European Union would also make British households poorer, Mr Osborne said: “The intervention measures taken by the International Monetary Fund in recent weeks against the Bank of England show there is no doubt about the economic consequences of leaving the European Union. British families will suffer, with each household losing £4,300. Leaving the European Union will make Britain poorer.”

For his part, French Finance Minister Michel Sapin affirmed that the G7 countries are completely united in wanting Britain to stay in the European Union. Mr. Sapin added that the G7 did not discuss a plan B to deal with the consequences of the prospect of Britain leaving the European Union, but only discussed how to help Britain stay.

Despite unanimously affirming their support for the British Government, the remaining six G7 countries have done little to keep Britain in the bloc.

According to Canadian Finance Minister Bill Morneau, G7 member countries are "clearly very concerned about the risk of Brexit... but no specific measures are being discussed.

“We are not talking about specific measures to help Britain stay in the European Union,” said Mr. Morneau. “As for Canada, our view is that Britain is stronger as a member of the European Union. It is better for the European Union, it is better for Canada that we are a trading partner of the United Kingdom.”

Earlier, on May 20, President of the European Commission (EC) Jean-Claude Juncker warned that any country that leaves the European Union (EU) will have to accept being considered an outsider. This is considered the strongest warning from this senior EU official before the referendum next month in the UK on whether to stay or leave the European Union (Brexit).

Mr. Jean-Claude's tough statement came after US President Barack Obama convinced Britain to stay in the European Union during his visit to the country last month. Meanwhile, the International Monetary Fund and the Bank of England have also warned of economic risks if Britain leaves the European Union.

Opinion polls released by the British IPSOS-MORI institute on May 20 showed that the pro-remain camp had a 55% lead over the 37% who opposed it. Such support has increased recently, suggesting that British Prime Minister David Cameron's campaign appears to be paying off.

As planned, on June 23, the British people will vote in a referendum on whether to remain in or leave the European Union. That decision will lead to long-term consequences for the country's economy, society, politics, defense and diplomacy./.

According to VOV