Rishi Sunak announced today that the UK will increase its spending on the poor around the world, but it delayed the increase.
The Government of Boris Johnson was widely criticised when it reduced the foreign aid budget from 0.7% to GDP to 0.5% in the summer to divert money into the UK.
Today, however, the Chancellor confirmed that the 0.7% rate would be returned and told MPs that it was possible because of faster economic growth than expected.
Critics however pointed out that it would return in 2024/25, just before the end to the Parliament, but a year after its expected bounce back in 2023.
Today, the Chancellor confirmed that the 0.7% rate would return and told MPs that it was possible because of faster economic growth than expected.
However, critics pointed out that it would return in 2024/25 before the end the Parliament, but a year after the expected bounce back in 2020.
Mark Sheard, chief executive of children’s charity World Vision UK, said he was ‘pleased to see that the Chancellor intends to return to our pre-pandemic commitment to Official Development Assistance – albeit not until 2024/25’.
He said that aid spending in developing nations is more important now than ever because of the combined devastation caused by COVID-19 climate change and COVID-19. Reaffirming this responsibility cements Britain’s place as Global Britain.
Sunak stated to MPs that he had told the House that if we passed our fiscal tests, we would spend 0.7% of our national income overseas aid.
“Some people claimed that this was a trick or a scheme. I said to this House that it was not. Based on the tests that I have done, my forecasts today show that we will return to 0.7 in 2024/25, which is before the end the Parliament.