Government Overseas Aid Commitment: Private Investment Debate
Full Debate: Read Full DebateHuw Merriman
Main Page: Huw Merriman (Conservative - Bexhill and Battle)Department Debates - View all Huw Merriman's debates with the Department for International Development
(5 years, 10 months ago)
Commons ChamberUrgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
Each Urgent Question requires a Government Minister to give a response on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
I agree with my hon. Friend and stand ready to receive other advice from the Opposition Benches about how we might close the £2.5 trillion funding gap—the shadow Home Secretary is not allowed to help with the maths. If we can deliver that through private investment, we can deliver the global goals. We must stop this dogma in the aid sector that anything done by the private sector is a bad thing; it is the only way we can actually deliver the goals.
I remain committed to the 0.7% figure, but I have no issue if that is made up of taxpayers’ money and a rate of return from taxpayers’ money, so long as the sum total is 0.7%. But may I ask the Secretary of State for reassurance that decisions will be made not on what gives the greatest investment return, but on what will give the greatest humanitarian outcome?
Absolutely, and businesses are very interested in this agenda. They are interested in seeing how they can embed the global goals into their company reporting; there is huge demand for that, and for advice and support to enable them to do that. The possibilities are truly incredible, and we should support our entrepreneurs and those philanthropists who also want to donate, because they are another part of this issue with the potential that impact investing has. They want to do some good in this world, and we should support them to do that.