The Chancellor, George Osborne has announced that Britain will commit a further £10 billion to the International Monetary Fund (IMF). Our contribution, along with an extra $60 billion from Japan, $15 billion from South Korea, $10 billion from Switzerland, and $7 billion from Australia, helps to boost the IMF’s resources by $430 billion, allowing it to bailout more struggling nations.
In an interview on Sky News on Saturday, the Chancellor said, “The UK sees itself as part of the solution to the challenges facing the global economy, not part of the problem. We are helping to solve the global debt problem rather than adding to it.”
I find it deeply concerning that the man tasked with returning Britain to growth and prosperity thinks that we are helping to solve the global debt problem by lending money we don’t have, to people who have almost no chance of paying us back.