The IMF, never keen on Brexit, now faces a sea of troubles

Trade wars, protests in France and Italy's plight are all potential pitfalls for the world's economy

• IMF says no-deal Brexit risks two-year recession

Back in the autumn of 1976, the International Monetary Fund held its annual meeting in Manila in the Philippines. Britain's chancellor at the time, Denis Healey, was on the guest list but only made it as far as Heathrow before a run on the pound forced him to return to his desk.

Memories of that incident have been rekindled by the timing of this year's IMF spring meeting, with finance ministers and central bank governors of the G7 due to meet on Friday, the day on which it is still possible that the UK might leave the European Union without a deal.