Economic Situation

Treasury written question – answered on 28th January 2020.

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Photo of Jonathan Edwards Jonathan Edwards Shadow PC Spokesperson (Treasury), Shadow PC Spokesperson (Transport), Shadow PC Spokesperson (Foreign Intervention), Shadow PC Spokesperson (Business, Energy and Industrial Strategy)

To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the potential effect of the decision to spend official development assistance on a collaboration with the City of London on efforts to rebalance the UK economy, particularly in the field of international investment services.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government has recently announced a number of initiatives which will support billions of pounds of private sector investment in Africa – essential to delivering the Sustainable Development Goals by 2030. Initiatives announced include a collaboration with the City of London on a competition for fund managers to identify new investment products for Africa, making it easier and more appealing for global investors to put money into African projects at scale. This and other initiatives build on the City’s role as a global hub for development finance, supporting jobs and growth abroad, as well as in the UK.

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