Government Overseas Aid Commitment: Private Investment Debate
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David Evennett
Main Page: David Evennett (Conservative - Bexleyheath and Crayford)Department Debates - View all David Evennett's debates with the Department for International Development
Government Overseas Aid Commitment: Private Investment
David Evennett Excerpts(6 years ago)
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Penny Mordaunt
I thank the hon. Gentleman for those questions, but I think he is a little confused about what the 0.7% is. It is not possible to count private investment towards that figure, so a pension fund down the road cannot count towards that 0.7%, but public funds can. The Development Assistance Committee measures many things, including private sector investment, but the 0.7% is public money.
If a future Government wished to, they could spend more than 0.7%, and we are committed to spend at least that amount of money. They could do so by counting the returns that were made. At the moment, we are spending more than 0.7% because we cannot do anything other than that with these funds—they do not count towards the 0.7%. We need to get the balance right between our commitments in this agenda, which are world leading—we introduced them and we believe in them—and the demands we make of the British taxpayer. If in future years we can meet 0.7% without having to ask the British taxpayer for more money, that is an option we should explore.
Sir David Evennett (Bexleyheath and Crayford) (Con)
As the UK leaves the EU, does my right hon. Friend agree that it remains in our national interest to continue to tackle these global challenges, including migration, humanitarian crisies, peace work and security, but that we also need to maximise the effectiveness of our overseas aid?
Penny Mordaunt
My right hon. Friend is right. We have the opportunity to look in future years at what we might do with the £1.5 billion that we channel into the EU. I have set out very clearly that we would like to continue to work with our European partners. If that is done through the EU, we would have to ensure that they do not discriminate against British non-governmental organisations, and I have outlined both before the Select Committee and in my speech today how we would protect British NGOs and their beneficiaries in such circumstances.