To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment his Department has made of the potential merits of reducing international remittance costs to support developing countries.
According to the World Bank, cutting the cost of sending remittances by 5 percent could save senders and receivers up to $16 billion a year. These are potential savings that can augment the benefits of remittances to households and recipient countries. For households, it can be used to supplement their income, financial inclusivity, education, health, and investments. At macro level, remittances can increase the volume of capital flowing to low- and middle- income countries, improve their credit worthiness and increase their liquidity.