Osborne: UK will not fund eurozone bailout

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...