UK to return to previous foreign aid spending levels by 2024/25 – Sunak

UK to return to previous foreign aid spending levels by 2024/25 – Sunak

2/2 © Reuters. Britain’s Chancellor of the Exchequer Rishi Sunak holds the budget box as he poses with his treasury team outside Downing Street in London, Britain, October 27, 2021. REUTERS/Peter Nicholls 2/2

LONDON (Reuters) – Britain’s spending on foreign aid will return to 0.7% of economic output by 2024/25, finance minister Rishi Sunak said on Wednesday, having previously temporarily ditched that target due to pressure on the public finances.

The details of the spending review, due to be published shortly, will provide further details on how the target will now be met.

The initial cut, which broke one of Prime Minister Boris Johnson’s manifesto promises, was first announced in November as a measure to help pay for the COVID-19 pandemic. That prompted criticism from development agencies and a rebellion within the ruling Conservative Party.

The government nevertheless won a vote earlier this year in parliament to push ahead with the measure, and promised to restore aid spending to 0.7% as soon as it could.

Announcing the spending limits for departments over the coming years, Sunak also said every department would get a real-terms increase in spending.

The spending review increased total departmental spending over the next three years by 150 billion pounds ($206 billion), a 3.8% per year in real terms, he said.

($1 = 0.7272 pounds)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Latest Category Posts