COP27

Theresa Villiers Excerpts

Wednesday 9th November 2022 Commons Chamber

[The Prime Minister]

As Chancellor, yes, I did make difficult decisions to ensure that our public finances were on a sustainable trajectory. That is not something I am going to shy away from, because I think we have all seen what happens when the Government do not command the confidence of international markets when it comes to borrowing and debt issues. I thought, in that context, it was reasonable to temporarily reduce our ODA budget until our public finances are in a better place, and that is a commitment that I stand by, but we remain committed to the £11.6 billion in international climate finance that we committed at the time. Those announcements have come from that budget. It is very welcome that we are able to continue delivering that, even though we are facing some other difficult decisions on other topics.

[Theresa Villiers (Chipping Barnet) (Con)]

The Prime Minister has emphasised the very substantial investment being made in climate-related measures both at home and overseas, but does he share my reservations about the idea of spending trillions more pounds on so-called reparations payments, as advocated by the Opposition, at a time when the public finances are already under strain?

[The Prime Minister]

My right hon. Friend is absolutely right. That is not the right approach, and it is worrying to hear Members of the Labour party suggesting that it is. What we are doing is fulfilling our obligations to help those emerging markets transition to a cleaner future, and we are doing that in a way that supports them, but also supports British companies that are able to provide those investments and create jobs at home as well.