George Osborne's £7 billion offer to 'friend in need' Ireland
Britain will be at the centre of the international deal to rescue Ireland, George Osborne announced last night.

“Ireland is a friend in need and it is in our national interest that we should be prepared to help them at this difficult time,” the Chancellor said.

However, the announcement was criticised by some Eurosceptic MPs with other politicians waiting to see the full details of the bail-out before passing judgement.

Bill Cash, the Conservative MP, said: “Why are we getting more European integration from a government that claims to be Eurosceptic? For EU finance ministers and George Osborne to take this decision is an issue of parliamentary sovereignty. We are told we are getting a Eurosceptic line and actually we are acquiescing in further EU integration.”

John Redwood, the former Cabinet minister said: “I’m sure many will want to know why, how much, how long are we out of the money, what are the prospects of being repaid, what is the interest rate?”

Mr Osborne came under heavy questioning by MPs over the terms of the emerging deal but said he was unable to provide details on the size of any loan, the interest rate, or the conditions for repayment. He said he would return to Parliament within the next few weeks to unveil the final details.

However, he said the assistance offered would be in the “billions” rather than “tens of billions” of pounds. The cost of the bilateral loan will be added to Britain’s already record debts.

The Chancellor did disclose that he would not seek to intervene in Ireland’s tax affairs as a condition of the bail-out. Several European countries are demanding that Ireland increase its low rate of corporation tax as a condition of the rescue package.

Mr Osborne’s admission that the Irish economy is in serious trouble is embarrassing as the chancellor previously heaped praise on the country. He was reminded several times by Labour MPs that in 2006, he said: “We should look and learn from across the Irish Sea. What has caused this Irish miracle and how can we in Britain emulate it?”

Labour said it agreed with the principle of the bail-out but would wait to see the detail before offering judgement.

Alan Johnson, the shadow chancellor, said: “We agree with the Chancellor’s basic argument that Ireland is a friend in need and Britain should not simply ignore the plight of one of our biggest trading partners because they are in the Eurozone and we are not.”

However, he added: “One lesson from Ireland should be salutary, exaggerated rhetoric affects confidence and loss of confidence can lead to economic disaster.”

The deal is facing opposition from Northern Irish politicians. Gerry Adams, the Sinn Fein President, has resigned his seat in Westminster to contest a seat in the Republic.

“We are opposed to a bail-out from wherever it may come,” he said. “It is important to recognise that this is not a bail-out for the Irish taxpayer. It is a loan for Irish banks that the Irish taxpayer will be forced to repay through increased taxes and slashed public services.”

I don't know what you all think about this but as far as I'm concerned this is completely wrong there are so many in the UK at the moment who face losing their jobs because of the cut backs and then we are all expected to be happy about giving this amount of money to Ireland, I'm sorry if you disagree with me but I beleive this money should be better spent on our younger ones who now have to be taught in schools which are falling down and the reduction of teachers etc that's before we even look at the health care :Headbang:Moan over

I hear what your saying Ashley and I agree, The government is making cuts left right and center, and yet have billions to give to Ireland, and millions to give to Prince Williams wedding. What are they playing at

Carmen wrote:

I hear what your saying Ashley and I agree, The government is making cuts left right and center, and yet have billions to give to Ireland, and millions to give to Prince Williams wedding. What are they playing at

The government have billions to give to anyone who needs it, but it seems to be ' apart from their own' I just don't understand this concept. Personally I really don't care who they help, but I would expect them to look after their own first, :Great:then help who ever you can from there.

Oddy

Charity begins at home

But I think there is a underlying reason for this loan. Maybe if the Irish go bankrupt then they will not be able to pay for outstanding credit. If this is the case the UK would lose out and then we might go bankrupt as well as we have already bailed out the British banking system and supported half the developing world with donations. Plus we are supporting all the down and outs in the UK, Blah blah blah.

oddball wrote:

The government have billions to give to anyone who needs it, but it seems to be ' apart from their own' I just don't understand this concept. Personally I really don't care who they help, but I would expect them to look after their own first, :Great:then help who ever you can from there.

Oddy

Brilliant reply Bernie and absolutely right I don't agree with what Tony said about them owing England so much that they will go bankrupt yes they may owe something but nothing like what the UK is owed worldwide I should think, Listen to the people of Ireland who did not want or do now want a bailout. they were waiting on taking severe cuts to all areas with the December budget and expected it to be the worst. Our sh*t government making the decisions, telling us tales - no talk of bailout when clearly there was talks. On the point of countries helping other countries, Ireland is loaning Greece money when we clearly cannot afford it. One big joke.

cheekychops wrote:

Brilliant reply Bernie and absolutely right I don't agree with what Tony said about them owing England so much that they will go bankrupt yes they may owe something but nothing like what the UK is owed worldwide I should think, Listen to the people of Ireland who did not want or do now want a bailout. they were waiting on taking severe cuts to all areas with the December budget and expected it to be the worst. Our sh*t government making the decisions, telling us tales - no talk of bailout when clearly there was talks. On the point of countries helping other countries, Ireland is loaning Greece money when we clearly cannot afford it. One big joke.

I agree that they don't owe Britain enough to go bankrupt. Britain should not hand out any money to Ireland, just like they should not be handing out money to all the immigrants milking the system. But they do. It's the Brits that are losing out big time.

I agree totally with all the comments made. But as usual I have tried to put another slant into the debate I personally believe that there is a lot of dodgy dealing going on here, and they say the BG Government is corrupt.

Lets hope this is a good debate

All good points of view here so now here's mine, This isn't fair. They got themselves into this mess so they should find a way of getting themselves out of it. Why should we have all these massive cutbacks and still be expected to help another Country out, irrespective of which Country it might be. The UK is going to hell on a handcart as someone once wrote!!! No wonder we have all become Victor Meldrews, just read the daily papers and see where we are going. Come on David Cameron! sort it, Stand up for us for a change instead of always cowtowing to other Nations. When does any one help us?

sallyann wrote:

All good points of view here so now here's mine, This isn't fair. They got themselves into this mess so they should find a way of getting themselves out of it. Why should we have all these massive cutbacks and still be expected to help another Country out, irrespective of which Country it might be. The UK is going to hell on a handcart as someone once wrote!!! No wonder we have all become Victor Meldrews, just read the daily papers and see where we are going. Come on David Cameron! sort it, Stand up for us for a change instead of always cowtowing to other Nations. When does any one help us?

This is all quite right. Now if there weren't already massive cutbacks in Britain, this might be a different matter. Cameron seems hell bent on getting Britain deeper and deeper into debt.

tonyb60 wrote:

Charity begins at home

But I think there is a underlying reason for this loan. Maybe if the Irish go bankrupt then they will not be able to pay for outstanding credit. If this is the case the UK would lose out and then we might go bankrupt as well as we have already bailed out the British banking system and supported half the developing world with donations. Plus we are supporting all the down and outs in the UK, Blah blah blah.

Yes Tony - charity does begin at home, something which is often forgotten by this government and those past. Unfortunately the UK are into Ireland with £50b of loans which can easily go the wrong way if Ireland get into worse trouble. This doesn't excuse them for making this offer so early in the precedings, also the UK will have to donate more money from within the EU Finance salvage operation. The British taxpayer has funded some of their national banks and these banks are still paying themselves outrageous bonuses and it makes one wonder where it will all stop. Britain is also giving £7 in Foreign Aid next year, I wonder who will give the UK money if they ever run out of cash. Don't hold your breath!!

From Novinite

IRISH GOVT WOBBLING FOLLOWING FINANCIAL CRISIS, BAIL-OUT

Irish Prime Minister Brian Cowen has shrugged off calls for early elections, saying the 2011 budget must first be passed and the details of an international bailout package thrashed out.

"
I'm saying that it is imperative for this country that the budget is passed,"
Cowen said at a news conference Monday evening in Dublin. "
I'm also saying that it is highly important in the interests of political stability that that happens. It's very important for people to understand that any further delay in this matter in fact weakens this country's position."


Earlier Monday, the Green Party, one of several parties in Ireland's coalition government, called for new elections amid controversy after the European and IMF officials agreed to help bail out the country with loans to tackle its banking and budget crisis, stabilize financial markets and prevent loss of confidence in other euro zone members, notably Portugal and Spain.

"
This past week has been a traumatic one for the Irish electorate. People feel misled and betrayed,"
Green leader John Gormley said in a statement.

The party has said that its involvement in the government would go on "
as long as it was for the benefit of the Irish people,"
but added, "
We have now reached a point where the Irish people need political certainty to take them beyond the coming two months."


"
So we believe it is time to fix a date for a general election in the second half of January 2011,"
it said.

Irish Finance Minister Brian Lenihan said the amount would be less than EUR 100 B. According to reports the bailout package is expected to total EUR 80 to 90 B. The UK and Sweden have also offered direct loans.

Irish PM Brian Cowen said that the government would be publishing a four-year budget plan that would restructure the banking industry and banks will be made smaller.

The global financial crisis has dealt the Irish Republic a hard blow. The government has responded with deep spending cuts and costly bail-outs of the banking sector.

Does this stupid dumb government of ours never look and listen we have NO money you are stealing money from the disabled, the Poor, and our children to give away to other countries where is your intelligence. I have Irish blood in me but sorry Southern Ireland decided to go their own way and become an Euro zone country get then rest of the euro zone to bail you out we have little enough as it is we do not have billions to hand out where does he think this lot is coming from .
As a once famous yank said

"
READ MY LIPS we have NO spare money to hand out we cant afford to look after ourselves let alone another nation that does not want us in the first place."

Daisy wrote:

Does this stupid dumb government of ours never look and listen we have NO money you are stealing money from the disabled, the Poor, and our children to give away to other countries where is your intelligence. I have Irish blood in me but sorry Southern Ireland decided to go their own way and become an Euro zone country get then rest of the euro zone to bail you out we have little enough as it is we do not have billions to hand out where does he think this lot is coming from .
As a once famous yank said

"
READ MY LIPS we have NO spare money to hand out we cant afford to look after ourselves let alone another nation that does not want us in the first place."

As mentioned before, let the banks bail out the banks. Ireland is in the Euro zone, they chose to be in it, let the Euro zone bail them out. and not the People in The UK! The poorest are being hit hardest by this government who are drastically cutting 18 billion from the welfare budget, putting British people out of work and then threatening to cut any benefits they receive when they do not find work, when immigration is out of control, now the Irish are coming here, all they say: 'to save money', - but they can suddenly find 7 to 10 billion to give to Ireland to bail them out when it is not this countries problem. Where is the justice!. This is why England did not take on the Euro, the bigger it is the harder it will fall!! Why should the British suffer for another countries mistake, we are already suffering for our own Governments mistakes and will for years to come.