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Eurozone (Contingency Plans)

Part of Oral Answers to Questions — Communities and Local Government – in the House of Commons at 3:32 pm on 20th June 2011.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 3:32 pm, 20th June 2011

If that is the hon. Gentleman’s view, he should talk to those on his Front Bench, who seem happy to propose £51 billion of unfunded tax cuts. Money that we lend to the IMF is money that is sitting on the Government’s balance sheet; it does not affect the spending decisions that we make. We are paid interest on the amounts lent to the IMF, which do not affect the amount of money that we can spend on pensions, schools or health, and I made the same point about how the EU funds the European financial stabilisation mechanism.