Government Overseas Aid Commitment: Private Investment

Part of the debate – in the House of Commons at 4:39 pm on 9th October 2018.

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Photo of Penny Mordaunt Penny Mordaunt The Secretary of State for International Development, Minister for Women and Equalities 4:39 pm, 9th October 2018

Let me reiterate that it is this Government who introduced the 0.7%. [Interruption.] We introduced it, and we have kept it. I am sure that Opposition Members have not read the speech that I made today—if they had, they would know that the thrust of it was about levering more in.

What we are trying to do has nothing to do with some doctrine of the purity of aid, or what we should do with public money. It is about changing people’s lives and about saving lives, and this is about our ability to deliver what is needed for us to do that. Because we are capitalising those investment vehicles, we are currently choosing to deal with ODA in one way. We argued for that, and we have agreement to do that. [Interruption.] What I am saying is that in future years, if we want do more of this—if we want to make our aid budget more sustainable—we should explore these options now. We should do that in consultation with the people whose money we are spending, the British taxpayers, and in consultation with the organisations that are investing their savings and pensions. Otherwise, folks, we are not going to deliver the global goals, which is what we are here to do.