Bailey backs IMF's help to fix economy

Bank of England Governor Andrew Bailey said the International Monetary Fund (IMF) had a key role to play in tackling the buildup of risky imbalances in the world economy, many of them coming from the United States and China.

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In a speech he was due to give to Britain's finance elite, Bailey acknowledged the concerns of US President Donald Trump's administration about the danger of IMF overreach.

But the BoE boss said attempts to fix the problems in the world economy - chief among them the big US trade and current account deficits alongside China's big surpluses and its weak domestic demand - had to be resolved at the multilateral level.