Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions he has had with Cabinet colleagues on the potential merits of increasing Official Development Assistance funding for the Prosperity Fund.

The cross-government Prosperity Fund operated between 2016 and 2021 to promote the inclusive economic growth needed to reduce poverty in partner countries, whilst contributing to the UN’s Sustainable Development Goals. The Fund was closed on the 31 March 2021, with residual programming and funding instead moving to the Foreign Commonwealth and Development Office.

UK remains a champion for the international development agenda and a major donor globally. In 2022 the UK was the third largest development donor in the G7 as a percentage of Gross National Income, spending nearly £12.8 billion on aid. UK ODA, together with our business, trade, civil society, research and technology expertise, continues to support some of the world’s most vulnerable people and contributes to our prosperity and security by addressing key global challenges and strengthening our international partnerships.