The British Government has given its backing to the French Finance Minister Christine Lagard to be the new head of the International Monetary Fund. Christine Lagard's name was one of the first to be mentioned to replace Dominique Straus Kahn when his arrest for alleged sexual assault ended his tenure at the IMF. Now Christine has received backing of British Chancellor of Exchequer George Osborne who described the French Finance Minister as the outstanding candidate for the IMF, and a strong advocate for the countries tackling high budget deficits and living within their means.