Boris Johnson will enter 10 Downing Street on Wednesday after cruising to victory in the Conservative leadership contest, amid warnings that he risks causing a global economic shock if he leads Britain out of the EU without a deal.

Johnson will immediately start assembling a "cabinet for modern Britain" — including a record number of ethnic minority members — but his new administration will quickly be confronted by the problem of how to resolve the Brexit impasse.

The IMF said on Tuesday that a no-deal Brexit ranked alongside US trade policy as one of the chief threats to the world

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