Overseas Aid

Treasury written question – answered on 4th December 2020.

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Photo of Jon Trickett Jon Trickett Labour, Hemsworth

To ask the Chancellor of the Exchequer, what estimate he has made of the revenue that will accrue to the public purse from reducing overseas aid expenditure from 0.7 per cent to 0.5 per cent of gross national income in each year up to 2025.

Photo of Steve Barclay Steve Barclay The Chief Secretary to the Treasury

The Spending Review 2020 allocated £10bn for Official Development Assistance to spend in the financial year 21/22.

On 25 November the Office for Budget Responsibility published its Economic and Fiscal Outlook. This forecasts Gross National Income (GNI) for the 2021 calendar year to be £2138.6bn. 0.7% of this GNI estimate is £14.97bn and 0.5% of this GNI estimate is £10.69bn.

Financial year allocations for subsequent years will be decided at future Spending Reviews. The Government intends to return to the 0.7% target when the fiscal situation allows.

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