Graham Stringer
Main Page: Graham Stringer (Labour - Blackley and Broughton)Department Debates - View all Graham Stringer's debates with the HM Treasury
(12 years, 6 months ago)
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Mr Hoban
I would like to make some progress. Let me address UK commitments through the IMF, which is the centrepiece of this debate. In a carefully worded statement, the hon. Member for Nottingham East (Chris Leslie) covered Labour’s retreat on its IMF policy. He was bravely leading his troops through the No Lobby in July without the support of the architects of the G20 London deal. The former Prime Minister and the former Chancellor were not there. What has happened? Last week, his boss, the shadow Chancellor, cut his legs from under him by saying that
“the Labour party supports an increase in the UK’s International Monetary Fund subscription”.
I do not think the hon. Gentleman is in a position to lecture anyone about consistency and principle.
As a founding and permanent member of the IMF, and as one of its largest shareholders, we continue to be a strong supporter of its role as a global backstop to the world economy. Currently, 53 countries are being supported by the IMF, of which only three—Greece, Ireland and Portugal—are in the euro area.