Warnings from the UK and India about the G20’s future merely put into words what has already become apparent from the actions of several governments – that several leaders doubt a multilateral solution to global imbalances and currency frictions is within reach.

The flurry of unilateral actions that governments have taken in recent weeks has continued to spread. On Monday Brazil said it was increasing again the taxes on foreign bond purchases to 6 per cent, having already doubled them to 4 per cent.

The announcement was accompanied by the news that Guido Mantega, Brazil’s finance minister, and Henrique Meirelles, the Brazilian central bank governor, would not be attending this week’s meeting of the G20 finance ministers and central bank governors in South Korea, a preparatory gathering ahead of the heads of government summit in Seoul in November.