G20

David Nuttall Excerpts

Monday 7th November 2011 Commons Chamber

[The Prime Minister]

The point about the global plan for growth and jobs—and the reason it is worth while, and the whole of the G20 process is worth while—is that different countries are committing to doing different things at the same time to maximise global growth. It is quite clear that Britain needs to get on top of its debts and its deficit and export more; it is also clear that China needs to grow its consumption, grow its middle class, and import more. If we all do these things at the same time, we will find that we can maximise global growth and increase employment levels too.

[Mr David Nuttall (Bury North) (Con)]

I entirely agree with my right hon. Friend’s statement that the UK should not contribute to any further eurozone bail-out fund, but how can UK taxpayers be certain that our contributions to the IMF will not be used for such purposes when the UK has only 4.29% of the vote on the IMF governing body?

[The Prime Minister]

The IMF has extremely tough and clear rules about when it can and when it cannot lend money. That is why it cannot put, and nor would we support its putting, money into a euro bail-out fund or into a special purpose vehicle. That is not the role of the IMF—that must be the role of the European financial stability facility—but what the IMF can do is lend money and help countries that are in distress. As I said, no country has ever lost money on lending it to the IMF, because it is the senior creditor in all these arrangements.