Financial Times
January 8, 2012
David Cameron has left open the door to Britain giving billions of pounds of new support to the International Monetary Fund – and indirectly to ailing members of the eurozone – in a move likely to infuriate eurosceptic MPs in his own Conservative party.
The prime minister’s move would be welcomed by France and Germany but would be subject to a fraught parliamentary vote in the UK; the last time Mr Cameron sought MPs’ permission to increase Britain’s IMF contributions, 30 MPs from his own party joined forces with Labour to oppose it.
Mr Cameron’s team stress that no decision has been taken to increase Britain’s contributions beyond the £10bn approved by MPs in that vote last July. Indeed the prime minister told the Commons in November: “What we anticipate doing would be within that headroom.”
But government insiders say the situation could change, if Japan and other leading countries such as China and Brazil decided to increase their support for the IMF to help it deal with the eurozone crisis. “Things could come to a head at the G20 finance ministers meeting next month,” said one.
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