Last night Parliament voted by 274 to 246 votes in favour of increasing the UK’s contribution to the IMF by £9.3 billion. That implies more than 80 Conservatives were unavailable, abstained or voted against the government. Many Labour MPs were also unavailable or abstained, when their party recommended voting against. I will check the voting lists later today.
Some of us want the UK government to use the influence it says it has at the IMF to halt the futile bail outs of Eurozone members. The debt markets show the markets do not believe that Greece can repay all its debts in full and on time. Yesterday was a day when market worries spread beyond Greece, Ireland and Portugal to Italy. Those in charge of the Euro scheme need to get a grip. It is doing a great deal of financial and economic damage, and they no longer seem to be in control of their project. The IMF should decline to bail out rich countries that have shackled themselves to a currency scheme that was badly put together and needs a thorough re think.