During an Urgent Question on plans to use private investments to make up the government's commitment to overseas aid, Huw expressed support for the government's commitment to spend 0.7% of gross national income on overseas development aid. But he asked Secretary of State for International Development Penny Mordaunt for assurances that decisions would not be based on the bottom line but on what will lead to the greatest humanitarian outcome. Full video: https://goo.gl/pBbnkT
I remain committed to the 0.7% figure, but I have no issue if that is made up of taxpayers’ money and a rate of return from taxpayers’ money, so long as the sum total is 0.7%. But may I ask the Secretary of State for reassurance that decisions will be made not on what gives the greatest investment return, but on what will give the greatest humanitarian outcome?
Absolutely, and businesses are very interested in this agenda. They are interested in seeing how they can embed the global goals into their company reporting; there is huge demand for that, and for advice and support to enable them to do that. The possibilities are truly incredible, and we should support our entrepreneurs and those philanthropists who also want to donate, because they are another part of this issue with the potential that impact investing has. They want to do some good in this world, and we should support them to do that.