Osborne: UK will not fund eurozone bailout

clock

The Chancellor George Osborne has pledged to stop cash from British taxpayers being used to fund the eurozone bailout.

According to the Telegraph Osborne told MPs he would not allow the IMF - which is partly funded by British taxes - to provide cash for the new eurozone bailout fund announced yesterday morning. The Chancellor, speaking in the Commons, said: "Britain will not be putting money into the bailout fund either directly or through the IMF." He also ruled out IMF involvement amid growing speculation the organisation may be asked to help bankroll the expansion of the European rescue fund to €1trn (£880m). Osborne said intervention in the rescue fund went well beyond the IMF's remit. "The...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Economics

Partner insight: Out of the wilderness

Partner insight: Out of the wilderness

Solving the problem of inertia in cash gives opportunities to both advisers and their clients, say Flagstone's Claire Jones and Grovewood Wealth Management's Lynne Gadsden.

Lynne Gadsden @ Flagstone
clock 11 August 2022 • 1 min read
Without accounting for food and fuel costs, prices jumped by 5.9% through July, matching the previous reading.

US inflation cools to 8.5% in July

Slowdown due to lower fuel prices

clock 10 August 2022 • 3 min read
European-focused investment grade and high yield credit have highest inflows since April 2020.

Fixed income dominates ETF flows in July

Accounted for $32.5bn

clock 08 August 2022 • 2 min read
Trustpilot