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Categories:Politics

UK facing £17.5bn bill to boost IMF firepower

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UK taxpayers could be forced to contribute a further £17.5bn to the International Monetary Fund after it asked member countries for an extra £390bn to stabilise the global economy.

The International Monetary Fund says it needs to increase the size of its bailout fund from roughly £260bn to around £650bn, part of which will be used to bail out debt-stricken eurozone members.

Reports state chancellor George Osborne is ready to put the IMF’s request to MPs for approval.

At a summit in December, most European leaders agreed to increase the IMF’s resources, but the UK refused to commit to the agreement.

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Readers' comments (2)

  • What if the UK, on the basis that we can't afford a further contribution of £17.5Bn and that the EuroZone is basically beyond salvation, no matter how much more money is thrown at the problem, simply says NO?

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  • I'm with you Julian, but I fear that the answer to your question is probably that we all go to hell in a handcart.

    When I voted for us to join the Common Market, it was to facilitate trade amongst nations. It was not to have some Europrat tell us what street lights we must have, that we can't recycle cardboard in compostable rubbish (the inks only might be carcinogenic), that we must allow prisoners to vote, that insurers can't use sex to determine rates (nonsensically unless one is in a group scheme) etc. etc.

    The sooner we are out the better.

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