By Tim Montgomerie
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Last night at least 32 Tory MPs (listed below) voted with Labour against an 88% hike in Britain's contribution to the IMF. The hike is to partly fund the IMF's ability to fund bailouts. I write "at least" because I've only quickly scanned the voting list. Please email firstname.lastname@example.org if I've missed anyone off the list.
The Government won the vote to increase Britain's contribution from £10.7 billion to £20.15 billion by 274 votes to 246. This is the first time that the Labour frontbench has voted with Tory Eurosceptics. Labour was voting against an increase in the IMF subscription that was largely agreed during Gordon brown's time in office.
On his blog John Redwood suggests that the 29 rebels are only one sign of Tory discontent. Given that there are more than 300 Tory MPs he calculates that AT LEAST 80 Conservatives were unavailable, abstained or voted against the government. He writes:
"Some of us want the UK government to use the influence it says it has at the IMF to halt the futile bail outs of Eurozone members. The debt markets show the markets do not believe that Greece can repay all its debts in full and on time. Yesterday was a day when market worries spread beyond Greece, Ireland and Portugal to Italy. Those in charge of the Euro scheme need to get a grip. It is doing a great deal of financial and economic damage, and they no longer seem to be in control of their project. The IMF should decline to bail out rich countries that have shackled themselves to a currency scheme that was badly put together and needs a thorough re think."
"The decision to raise our IMF subscriptions by 88 percent was first mooted when Gordon Brown was in charge – but was okayed by the current government last October. While Canada, Switzerland, Holland and Belgium all managed to keep the increase in their subs low, whoever negotiated the deal on our behalf seems to have preferred to have UK taxpayers assume greater debt liabilities so that they could sit on a bigger chair at the various international summits they attend on our behalf. Alongside fiscal policy and monetary policy, our approach towards the bailouts and the IMF shows that there has been remarkably little change in economic policy at the Treasury since Gordon Brown was in charge."