"It's only a contingent liability" they told us. "Bailing out the Eurozone won't cost us real money that might otherwise fund public services."
Oh yes? Then why is the UK having to almost double our IMF subscription from £10.5 Billion to £19.7 Billion?
Yesterday's draft Statutory Instrument on our International Monetary Fund (Increase in Subscription) proposes we stump up "a further subscription of 9,416,600,000 special drawing rights". Published quietly in the House of Commons, it can't hide the fact that that means an increase of £9.2 Billion in real money*.
Remember that next time local services are cut where you live. Think of the tax cuts we could afford with that £9.2 Billion? Or, if you prefer, of the guarantees we could give to maintain public services?
Instead that large chunk of taxpayers' wealth is going to be used to prop up the Eurozone. Is this what the IMF is for?
We borrow money we don't have, to pay vast subs to an organisation not designed to prop up the Eurozone, in order to keep together a monetary union we chose not to join. Who is in charge?
* - value calculated at SDR (Special Drawing Right) conversion rate of SDR1 = £0.98"
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