The majority of financial services practitioners (60%) believe the UK is right to continue to support the International Monetary Fund (IMF) to help economies in trouble, a CISI survey shows. The survey was conducted following Chancellor George Osborne’s decision to loan £10bn to the IMF. The Chancellor was criticised, including by his own backbenchers, for wasting money trying to prop up the troubled eurozone.
A number of supporters of the move argued that it was important that the UK backed the IMF as it may require such assistance in future. One said: “It is a loan for which interest will be paid, and it is in the interest of the UK that there is international confidence in the financial markets.”
Among the 40% of respondents who opposed the loan, one commented: “In the midst of a double-dip recession and the worst financial crisis the world has seen, the last thing you do is give £10bn to a global monetary fund to help countries that can’t be helped in the first place.”
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