Whilst most of us know it’s in our national interest that the Eurozone countries find a solution to their currency and debt problems, I am pleased that David Cameron has reiterated this week that British tax payers’ money will not be used to fund a bail-out.

 

He also made it clear that Britain would continue to support the IMF to help countries in financial distress by getting them to curtail their over-spending.  Thankfully, he re-emphasized that this did not allow the IMF to give money to an EU currency bail-out fund.

 

The Prime Minister’s reassurances come in the wake of the G20 Summit when world leaders agreed to provide further financial support to the IMF.   As of today, only three of the fifty three countries receiving IMF support are in the Eurozone.  The Prime Minister has taken this opportunity to make it clear: Britain should not, and will not, contribute to a Eurozone bailout fund, even if the IMF chooses to do so.

 

The uncontrolled break-up of the euro and the readjustments of financial markets would certainly pose a short-term threat to Britain’s prosperity, especially given that we export a lot of goods and services to Eurozone countries.  But I believe that further financial aid from Britain, at a time when we are dealing with our own deficit, would not be the right move, even if some countries were to exit the Euro.

 

It is vital that we keep control of our nation and put Britain's interests first in all of our international relationships. Our decision to support for the IMF, but refusal to put British taxpayers’ into the Eurozone bail-out fund, is the right one.

 

I hope that, in the not too distant future, we will be in a position to change the terms of our relationship with Europe.