UK Commits ANOTHER £10bn To IMF Bailout Fund to help Failing Euro

Britain is to commit a further £10bn to the International Monetary Fund's bailout war chest.

George Osborne has confirmed the UK will give the extra cash in the face of fresh fears about a new economic and financial crisis in Europe.

Although the loan is sizeable, the Chancellor will not have to seek Parliamentary approval because it narrowly falls within the headroom he already has to provide to the Fund.

It means that Britain's exposure to the IMF, which is deeply involved with the euro bail-outs, will rise from just under £30bn currently to around £40bn.

Mr Osborne said: "The UK sees itself as part of the solution to the global debt crisis rather than adding to it.

"We need a strong IMF. We can be one of the many countries that can support the IMF. We will be part of the global effort to increase the resources of the IMF. Read More