Tuesday, 8 November 2011

£40bn IMF backdoor euro bailout

BBC News reports:

The government says it would be able to hand over as much as £40bn to the IMF without a vote in the House of Commons.

That is more than three times as much as the annual budget for the police in England and Wales.

It is more or less the amount the Treasury raises in Corporation Tax in a year.

And until the weekend, many at Westminster had no idea the figure was so big.

Yet Parliament has already agreed to what Chief Secretary to the Treasury Danny Alexander describes as a £40bn "ceiling".

I'd say 'shocking', but very little shocks me these days.

Any loans by our government to foreign organisations should be subject to a referendum. That £40 billion can be given away without so much as a Commons vote is deeply distressing.

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