By Tim Shipman and Lucy Buckland Last updated at 4:00 PM on 16th January 2012 Coup: George Osborne's deal with China will pour billions in the UK economy (pictured in Hong Kong today) British taxpayers face footing the bill for more rescue money for the International Monetary Fund if euro is to be prevented from derailing the world recovery. George Osborne admitted that there was a risk of the economy contracting if Europe suffered a deep downturn as forecasters suggest that the UK is already in recession. The chancellor said he would go to MPs for their approval if the IMF made a 'strong case' for more money.
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Deal with China includes opening the doors of UK plc to Asian investors
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Trading floors in Hong Kong will open for five hours longer so currency trade continues while London financiers are at work
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Hours after deal Osborne attacks eurozone for failing to instill confidence needed to secure markets
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Osborne repeats pledge to put more money into the International Monetary Fund, a move which would see the UK contribute £15 billion to bailing out the euro
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Two separate sources warn economy is edging back into recession
He predicted that high-tech and luxury exports from @placeholder to China would surge as the country grows.