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

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By Reuters
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   -   Copyright  Thomson Reuters 2021   -  

<div> <p><span class="caps">LONDON</span> – 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.</p> <p>The details of the spending review, due to be published shortly, will provide further details on how the target will now be met.</p> <p>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 <span class="caps">COVID</span>-19 pandemic. That prompted criticism from development agencies and a rebellion within the ruling Conservative Party. </p> <p>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.</p> <p>Announcing the spending limits for departments over the coming years, Sunak also said every department would get a real-terms increase in spending. </p> <p>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.</p> <p>($1 = 0.7272 pounds)</p> <p/> </div>