Uk Raises Annual Payment To Imf By £9Bn

[interestrateripoff]

http://www.bbc.co.uk/news/uk-politics-13782929

The UK is to increase its subscription to the International Monetary Fund by more than £9bn a year - almost doubling the amount it lends the organisation.

It currently provides £10.54bn a year, reflecting the size of the UK economy.

The Treasury said taxpayers would not lose out as the UK was paid interest on the loan, made via currency reserves.

It said IMF members had made the decision, in principle, to raise its overall lending capacity before debt crises in Greece, Ireland and Portugal.

The scale of the increase emerged in a piece of secondary legislation from the government laid before Parliament on Tuesday.

'Very concerned'

Conservative MP Douglas Carswell said: "I'm appalled to see at a time of cutbacks at home, at a time when many constituents are worried about cuts in public services in the UK that we're doubling the amount of subscription that we pay to the IMF."

Isn't the amount the IMF is prepared to lend you based on your contributions? Look like the govt is getting ready to make a claim.

Surely the contribution should be based on a economy actually running a surplus rather than a deficit? Although the IMF would probably have virtually no funding at all if that was the case.