Wednesday, January 18, 2012

How much? Britain faces £17.5billion bill as IMF boosts bailout fund to $1TRILLION... and World Bank warns of return to 2008/09 recession

Costly business: Britain is facing a £17.5billion bill after Chancellor George Osborne said he was prepared to use taxpayers' cash to boost resources of the IMF, led by Christine Lagarde.

Britain is facing a new £17.5billion bill for propping up the Eurozone.

The International Monetary Fund this morning revealed it wants to boost its own bailout fund to $1trillion - even though the single currency countries have done nothing to boost their own fund.

Chancellor George Osborne has already indicated that he is prepared to use British taxpayers cash to boost the IMF’s resources.

It comes as Prime Minister David Cameron meets with Italian PM Mario Monti - as part of a hectic week of talks in capitals across Europe - following the downgrading of the credit rating of Italy and eight other eurozone states, as well as the EU’s bailout fund. Read More