Chancellor warned of Tory backlash after pledging £10bn more to IMF

GEORGE Osborne is facing a backlash from the Tory back-benches today, after announcing that Britain will commit another £10 billion to the International Monetary Fund.

The Chancellor said that the increased funding was vital to protect jobs and growth in this country.

But Conservative Peter Bone said the move was “bonkers” and warned that the money would be wasted trying to prop up the eurozone.

Finance ministers and central bank governors struck the deal at a meeting in Washington yesterday.

Alongside the UK’s increase, Australia will contribute an extra US$7 billion, Singapore $4bn, and South Korea $15bn.

Mr Osborne said: “The UK sees itself as part of the solution to the challenges facing the global economy, not part of problem. We are helping to solve the global debt problem, rather than adding to it.

“Jobs and growth in Britain depend on a stable world economy. That needs a strong IMF.

“And because we have taken strong action to rescue our own economy, we can be one of many countries that can support the IMF, instead of being bailed out by the IMF.”

The United States and Canada are not thought to be contributing any extra funding under the agreement.