Eurozone Crisis: Cameron Confirms Britain Will Plough Money into IMF Rescue Fund

The prime minister, David Cameron, confirmed to the Commons that he would be using British taxpayers money to invest into the IMF - a fund used to help ailing economies.

Although Cameron has often repeated that no money would be given to a eurozone bailout fund or given to Greece directly, the prime minister could well find that that UK money does find its way to those economies, albeit indirectly.

He explained: "The IMF supports 53 countries, with just three of them being from the eurozone." He was keen to stress that members of the eurozone should look after its own.

Cameron revealed, however, that there was "no agreement about the timing, the extent or the exact method through which this could be done."

Cameron was talking to the House of Commons on the developments of the recent G20 summit where he met EU transaction tax with scepticism. He said: "We've been clear all along that we are not opposed in principle to such a tax if one could be agreed on a global level."

Labour leader, Ed Miliband was critical of the prime minister saying that "very little had been achieved" and that "he was putting on a brave face" according to another backbencher.