UK to commit extra £10bn to IMF

George Osborne faced fury from the Tory back benches today after announced Britain is to commit another £10bn (€12bn) to the IMF.

The Chancellor said the increased funding was vital to protect jobs and growth in Britain.

But Conservative Peter Bone branded the move “bonkers” and said the money would be wasted trying to prop up the eurozone. The Wellingborough MP also complained that the level had been set to avoid triggering a parliamentary vote.

Finance ministers and central bank governors struck the deal at a meeting in Washington.

Alongside the UK’s increase, Australia is to contribute an extra $7bn, Singapore $4bn, and South Korea $15bn.

Mr Osborne said: “The UK sees itself as part of solution to the challenges facing the global economy, not part of problem. We are helping to solve the global debt problem rather than adding to it.

“Jobs and growth in Britain depend on stable world economy. That needs a strong IMF.

“And because we have taken strong action to rescue our own economy, we can be one of many countries that can support the IMF, instead of being bailed out by the IMF.”