The letter was signed by Michel Barnier, the EU commissioner for internal market and services, George Osborne, the UK chancellor of the exchequer, Ikko Nakatsuka, minister of state for financial services in Japan and Pierre Moscovici, minister of finance in France.

FORBES: America's Attempted Domination Of LEI Slams into FSB Wall

Alistair Darling, chancellor of the exchequer, said that the UK's exposure was "minimal" and that the UK was not underwriting the euro.

BBC: Q&A: Can Europe's 750bn euro bailout package work?

In a speech on Tuesday, the Chancellor of the Exchequer Gordon Brown said that the UK had not reduced the burden of debt on poor countries only for the same countries to run it up again by buying weapons.

BBC: Ban on underwriting arms sales

The British Chancellor of the Exchequer, George Osborne, had earlier said that all UK credit and financial institutions had to cease trading with Iran's banks from Monday afternoon.

BBC: Iran faces fresh Western sanctions over nuclear plans

The UK government minister, who had earlier attended the first meeting of the joint exchequer committee with Scottish Finance Secretary John Swinney, was giving evidence in the afternoon of an all day session of the committee on 27 September 2011.

BBC: Scotland Bill Committee part 2

But a rather helpful spin-off benefit for the chancellor of the exchequer is that the Bank of England is a conspicuously big buyer of UK debt.

BBC: Why investors love lending to the UK government

Former chancellor of the exchequer Lord Lamont stands up for Baroness Thatcher in the Telegraph for rescuing the UK's economy.

BBC: Commentators react to Thatcher's legacy

Downing Street has confirmed that the UK will not be putting its own candidate forward, ending speculation that the former Chancellor of the Exchequer Ken Clarke would be nominated.

BBC: New candidate for IMF boss