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Page last updated at 08:35 GMT, Saturday, 21 April 2012 09:35 UK

Osborne defends 10bn IMF loan extension

The Chancellor, George Osborne, has defended the decision to lend the International Monetary Fund nearly £10bn of extra money. The IMF is trying to increase its ability to help other economies in difficulties. Mr Osborne has faced strong criticism from Labour and some of his own backbenchers.

But the Chancellor argued that a "broad body of Conservative opinion" understood the loan was necessary. Mr Osborne told Today presenter Sarah Montague that it was important to Britain's future to help at this time.

"First of all Britain has a massive interest in a stable world economy and institutions like the IMF help ensure that stability and if you don't have a stable world economy you lose jobs in Britain and the British economy suffers.

"And I'd say the second thing is this. Thanks to the tough action the government's taken, Britain can be part of the solution, not part of the problem."

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