Following the Chancellor’s statement to the House of Commons about the Government’s decision to lend £10 billion to the IMF, Anne Main asks about currency fluctuations and whether he will seek Parliament’s approval should the rate vary.

Mrs Anne Main (St Albans) (Con): May I ask for clarification of the terms of the loan? The Chancellor referred in his statement to $15 billion and under £10 million, but the currency being utilised is special drawing rights at £1 to the special drawing right. Should the currency fluctuate and push the loan over £10 billion, will the Chancellor come back to Parliament and give us a vote on it?

Mr Osborne: The parliamentary authorisation is expressed in special drawing rights, and on the exchange rate at the moment the loan is just less than £9 billion.

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