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

by Mike Robinson

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© Reuters. Britain’s Chief Chancellor of Exchequer Rishi SUNAK holds the Budget Box as he poses alongside his Treasury team in London on October 27, 2021. REUTERS/Peter Nicholls

LONDON, (Reuters) – Britain’s foreign aid spending will increase to 0.7% by 2024/25 according to Rishi Sunak, the finance minister. This is a return from previous temporary abandonment of this target because of pressure on public finances.

Further details about how to meet the target are available in the details of the Spending Review, which will be released shortly.

In November, Prime Minister Boris Johnson announced the first cut to pay for COVID-19. The initial cut was criticized by development agencies, and there was rebellion within the Conservative Party.

However, the government won an earlier vote in parliament this year to continue with the measure. It also promised to increase aid spending by 0.7% as quickly as possible.

Sunak, who announced spending limitations for department over the next years, also stated that each department would experience a real-terms growth in spending.

According to him, the spending review made total departmental expenditures rise by 150 billion pounds ($206 Billion) over three years. This is a real 3.8% increase per annum in real terms.

($1 = 0.7272 pounds)

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