Government Overseas Aid Commitment: Private Investment

Wes Streeting Excerpts

Tuesday 9th October 2018 Commons Chamber

[Penny Mordaunt]

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.

[Wes Streeting (Ilford North) (Lab)]

The Prime Minister’s cuddly, compassionate Conservative pitch has not even lasted the first day back: not only have we just had a totally unnecessary and gratuitous attack on the shadow Home Secretary from the International Development Secretary, but it is clear from the briefing that her speech this morning was a pitch to the right wing of the Conservative party as part of her leadership ambitions. The pitch is simple: we are going to roll in the private sector and roll back the state. That is what she has announced today, isn’t it?

[Penny Mordaunt]

I will circulate my speech to hon. Members.

Hon. Members must understand that ODA, the 0.7%, cannot be private funds; it can only be public funds—whether money Governments have put in or returns potentially from those funds in those publicly owned investment vehicles. The hon. Gentleman accuses me of playing to the gallery; I am sorry, but I think Opposition Members are doing that. I have not heard an Opposition Member stand up and defend good British business that wants to use its resources to help alleviate and eradicate poverty. We are behind that agenda, and I urge Opposition Members to get with it, too.