Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what steps his Department is taking to help (a) support economic (i) development and (i) diversification and (b) reduce reliance on financial services in British Overseas Territories.

The Foreign, Commonwealth and Development Office (FCDO) promotes economic development in Official Development Assistance-eligible territories primarily through budget support and essential capital programmes. These amounted to £100.53million in Financial Year 24/25 and, with advisory input, enables the development of diversified private sector economies.

While non-aided Overseas Territories (OTs) are responsible for their own public finance decisions and economic policy, the FCDO provides technical assistance and project funding to improve diversification. This has included, but is not limited to, funding a financial adviser, contributing to the airport redevelopment in Anguilla and providing infrastructure expertise available to all OTs. The FCDO continues to engage with the OTs on matters related to diversification.