G20 In Cannes: David Cameron Considers Boosting UK's Contribution To IMF

David Cameron Considers Boosting UK's Contribution To IMF

David Cameron has hinted the UK could increase its contributions to the IMF, in light of ongoing instability in the eurozone.

Speaking as he arrived at Thursday's G20 Summit in Cannes, the prime minister told journalists: "When the world is in crisis it is right to consider boosting the IMF."

He added: ""No government lost money by lending money to the IMF. There is no risk to British taxpayers of seeing the IMF perform its proper role - that's what we have always supported."

In London, Treasury minister Mark Hoban told parliament that the crisis within the eurozone "continues to have a chilling effect" on the global economy.

And he stressed that the Treasury was prepared for all contingencies while he discussed the possibility of the eurozone "breaking up".

"We are taking action around contingency planning for a whole range of outcomes, and that work is underway in the Treasury."

Hoban added: "I don't think there's any intention for us to join the euro at a time when it is breaking up".

He told MPs that a resolution was "vital", adding that the global economy could "ill-afford" uncertainty.

"Britain's always been one of the largest shareholders in the IMF and there may well be a case for further increasing the resources of the IMF to keep pace with the size of the global economy", echoing George Osborne's comments to MPs last week.

But Hoban resolutely denied that the UK would contribute to any eurozone specific bailout funds.


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