The UK and other leading economies are not ready to fund another eurozone bailout, George Osborne has said.

Speaking as finance ministers meet in Mexico for the G20 summit, the chancellor said extra funds would not be handed over until countries who use the struggling single currency commit resources themselves.

“We are prepared to consider IMF resources but only once we see the colour of eurozone money and we have not seen this,” he told Sky News.

“I don't think you're going to see any extra resources commit

ted here because eurozone countries have not committed additional resources themselves, and I think that quid pro quo will be clearly established here in Mexico City.”

He also refused to reveal if he would be increasing the personal tax allowance to £10,000.