G20

Douglas Carswell Excerpts

Monday 7th November 2011 Commons Chamber

[The Prime Minister]

First, we have not yet given any IMF money. There was no agreement on how much should be given, exactly when it should be given or in what way. The world was saying that it stood ready to support the IMF. The IMF has supported countries like Yemen in the past and, as the right hon. Gentleman knows, we have put development aid into Yemen. The biggest challenge in Yemen is the lack of effective governance, and I think that what Bill Gates was talking about—proper systems for raising taxes and for transparency in Government revenues and in revenues from extractive industries and minerals—are the keys to helping such countries along their way.

[Mr Douglas Carswell (Clacton) (Con)]

Back in July the Financial Secretary to the Treasury told a Committee of this House, with regard to IMF obligations:

“We have an agreement to fund up to £20 billion, broadly speaking.”—[Official Report, Second Delegated Legislation Committee, 5 July 2011; c. 9.]

Pretty broad, it turns out. We now hear that the figure is closer to £40 billion. Does my right hon. Friend agree that it is vital to level with the British people, with no weasel words or sophistry, and that Ministers have an obligation to be absolutely straight about what they plan to do with other people’s money?

[The Prime Minister]

Let me be absolutely clear about this. There are two sorts of money that the UK provides to the IMF: money through our quota, which is effectively through our shareholding, and money through loans and other arrangements. There have been three votes in this House in the last three years on all the elements of the IMF money. As I have said, if it comes to giving extra support for the IMF, we want to do that within the headroom that has been set.