It is in our national interest to help Ireland' said Chancellor George Osbourne. 

Among the UK banks intertwined with Ireland is the Royal Bank of Scotland (RBS), who operate in Northern Ireland through RBS subsidiary Ulster Bank, a bank that's shares have fluctuated with the escalation of the Irish crisis.

‘There is a particular economic relationship with Ireland, there is a land border with Northern Ireland,' he said. 

‘Irish banks are involved in Northern Ireland.' 

David Cameron identified upon his visit to China earlier this month that Britain export more to Ireland than Brazil, Russia, India and China combined,and with many British companies holding a strong position in Ireland, the UK and Ireland are often treated as a single market.

This backing however, is not unanimously favoured, with Conservative MP John Redwood stating that the European Central Bank should be responsible for keeping Ireland afloat, and that Britain as a non- euro member should not be involved.

‘I don't think this is Britain's problem; I think it's a euro area problem,' he said. 

Fellow Conservative MP Douglas Carswell said: ‘If we are going to pay to solve this crisis we should pay Ireland to quit the euro.' 

George Osborne pointed out that Britain will not join any permanent bail-out mechanisms. 

‘Let's make sure Britain is not part of that, because we're not part of the euro,' he said.