💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Britain needs to consider options to repair public finances, says minister

Published 11/17/2020, 03:34 AM
Updated 11/17/2020, 03:35 AM
© Reuters. Cabinet meeting in London

LONDON (Reuters) - Britain will consider its options to help repair the country's public finances, housing minister Robert Jenrick said on Tuesday, after media reports that ministers were considering a temporary cut to its aid spending.

The Times newspaper said the government had drawn up plans to reduce the proportion of Britain's gross national income spent on aid from 0.7 percent to 0.5 percent to make savings after spending hundreds of billions to fight COVID-19.

Asked whether the government would make the cut on aid, Jenrick told LBC radio: "The Chancellor (finance minister) will have to think very carefully about whether this is something that he wants to deploy at this unique time.

"We have a great reputation for the work that we do through our international development agencies now part of the Foreign Office, so we wouldn't want to compromise that in the long term. But I think there's a legitimate choice for the UK as to whether in the immediate situation we find ourselves in, we want to consider our options."

The Times reported that finance minister Rishi Sunak was pressing for the move to be announced in next week's comprehensive spending review, but that foreign minister Dominic Raab was opposed to the move.

© Reuters. Cabinet meeting in London

On Monday, a spokesman for Prime Minister Boris Johnson said he was not aware of any change to policy and that Britain remained committed to helping the world's poorest people.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.