IMF

Robert Flello Excerpts

Monday 23rd April 2012 Commons Chamber

[Mr Osborne]

I welcome my hon. Friend’s support for this decision. IMF programmes should be very rigorous and there should be plenty of conditionality. As I have said, it is possible to undertake very difficult internal devaluations, as opposed to external devaluations—that is a consequence of remaining in a currency zone—and the IMF will help those countries through that.

[Robert Flello (Stoke-on-Trent South) (Lab)]

If in the weeks ahead the IMF announces, to everyone’s utter astonishment, that it wants to use some of that general fund for the eurozone bail-out pot, will the Chancellor bring the matter back to the House and allow us to vote on it?

[Mr Osborne]

I can be very clear that the British Government would not allow the loan we are talking about—the loan from Britain—to be used for the eurozone bail-out fund. It is for specific countries, not currencies, as set out in the communiqué.