International Aid: Treasury Update

Part of the debate – in the House of Commons at 1:58 pm on 13 July 2021.

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Photo of Thomas Tugendhat Thomas Tugendhat Chair, Foreign Affairs Committee, Chair, Foreign Affairs Committee 1:58, 13 July 2021

I am delighted to be called, and I pay enormous tribute to the Chancellor of the Exchequer, who is sitting on the Front Bench today. The Chancellor demonstrated during his career before reaching this place that we can do well by doing good. In working for the Children’s Investment Fund Management, he proved that finance and capitalism can support the world’s poorest and change lives, but he will also recognise that even an impressive fund such as that is built on a stable platform created by Governments and guaranteed by organisations, international bodies and others. I am very sorry but for that reason I will not be able to support him today, because that platform is so important. That confidence and ability to rely on a stable platform for the future is essential. Instead of that continuity and that guarantee of an enduring future, we are sadly going back towards the yo-yo policy. That is not just bad because of the variability; it is bad because it costs more and delivers less. Frankly, it is inefficient, it is an error and it undermines our capability.

Nobody in this House is more passionate about global Britain or Britain’s place in the world than me. Nobody believes more that we should have a place at every table and a voice in every room. But we need to know that we are no longer buying that with gunboats; we are buying it with the aid and the effectiveness that we bring.