Sir, – It was over 30 years ago, in 1976, that Great Britain was forced to go cap in hand to the IMF for a bailout loan. That this is still vividly recalled in current political debate is testament to the scale of the trauma. IMF loans are there to help economies which have nowhere else to turn; they are not uncommon in the third world but for a modern western country to need such help is seen as the ultimate admission of economic failure.

For this reason we should all be extremely concerned at the recent mutterings coming from government ministers. Peter Mandelson in particular has turned his attention to spinning the line that to seek IMF help is a perfectly normal thing to do.

I have written to this newspaper many times to decry the Government’s excessive borrowing and wasteful spending.

This though is of a different scale of magnitude.

If the UK is forced to go cap in hand to the IMF, it will be a national embarrassment, setting our international reputation back decades. I make no secret of the fact that I would like to see Labour out at the next election, and if we are forced to go begging to the IMF this would make that all the more likely, but for all our sakes I hope it does not have to happen.

JAMES WHARTON Conservative Parliamentary candidate, Stockton South.