UK pledges extra £10bn to IMF

The Chancellor George Osborne has pledged a further £10 billion to the International Monetary Fund's bailout package.

It won't require approval from MPs as he has only committed around £30 billion of the £40 billion loan approved by Parliament.

Latest ITV News reports

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IMF Chief: 'An extraordinary day'

Christine Lagarde, Managing Director of the International Monetary Fund (IMF), gives her reaction on Twitter after the IMF raised more than $430 billion for its bailout fund.

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An extraordinary day -- our members pledged to increase IMF resources by over $430B to help fight the crisis.... http://t.co/C9HxICfm

Balls criticises IMF loan

It is disappointing that the Chancellor has not taken the opportunity to press the wealthy eurozone countries to dig into their own pockets and establish a strong firewall of their own, before offering up more funding from Britain.

There is a real risk that yet another sticking plaster response will mean the eurozone continues to duck the tough decisions they need to take.

– Ed Balls, Shadow Chancellor

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Chancellor's IMF loan 'concerning'

Given the tight nature of Britain’s finances, it is concerning that George Osborne may be throwing good money after bad with this agreement.

If the IMF is going to be given even more funding, then the Government should strongly insist that it is only lent as part of a plan that is a feasible solution, not simply to stave off a crisis for a few more months.

Although no one has ever lost money lending to the IMF, every investor knows that past performance is not necessarily a guide to the future.

– Graeme Leach, Chief Economist at the Institute of Directors
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