IMF calls for more government spending as rate cuts lose their impact

Global growth remains weak and risks have risen after the Brexit vote, says IMF, as it calls for more infrastructure spending

The International Monetary Fund has called on G20 nations to boost government spending as the impact of ultra-low interest rates begins to reach its limits in developed countries.

Central bank chiefs and finance ministers from the world’s top 20 economies gathered in the south-western Chinese city of Chengdu on Saturday to tackle problems facing the global economy, which have been aggravated by the British vote to leave the European Union.

Related: Britain’s economy shrinking at fastest rate since 2009, says survey

Related: The Brexit quiz: one month on, how much do you know?

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Fact checking Trump’s Republican convention speech: what was true?

The GOP candidate delivered few downright lies but traded in what he calls ‘truthful hyperbole’ – and excluded statistics pointing to recovery since 2008

Trump’s fiery speech carries too many echoes of the past to ignore

Donald Trump promised “the plain facts that have been edited out of your nightly news and your morning newspaper” in his speech to the Republican convention on Thursday night.

In many cases he was right, and the GOP candidate delivered few downright lies, although he also traded in what he once referred to as “truthful hyperbole”. Unsurprisingly, he systematically excluded statistics often quoted by the White House that paint a sunnier picture of American recovery since the 2008 financial crisis.

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Britain’s economy shrinking at fastest rate since 2009, says survey

Report on confidence and manufacturing signals 0.4% reduction in GDP imminent, piling pressure on Bank of England to halt decline

The Bank of England and the Treasury are under increasing pressure to prevent Britain from sliding into recession after a wide-ranging health check of the economy completed since the referendum showed the sharpest downturn in activity since the peak of the financial crisis seven years ago,

Service industries ranging from banks to restaurants, hedge funds, bars, gyms and hairdressers were all affected by what was described as as a “dramatic deterioration” in business confidence that suggests the economy is on course to shrink by 0.4% in the third quarter unless conditions improve.

Related: UK economy shrinking at fastest rate since 2009 after Brexit vote – business live

Our @EdConwaySky has been discussing in China, the dreadful PMI economic indicators with Chancellor @PHammondMP pic.twitter.com/X1TSaJCaFv

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