BRITAIN’S bloated annual foreign aid budget is set to soar by an extra £1billion over the next four years, financial experts said last night.
Based on projections for the country’s economic growth, the massive figure is set to trigger fresh fury at the shielding of the aid budget from spending cuts.
And it comes just days after Theresa May confirmed that the Tory pledge to spend 0.7 per cent of Britain’s national income on overseas assistance is to be included in the party’s general election manifesto.
Out of 15 EU countries signed up to the pledge made at the 2005 G7 Summit at Gleneagles, only the UK and Germany have consistently hit the aid target every year.
Eight of the EU countries signed up to the United Nations-backed pledged had actually reduced their spending on aid as a proportion of national income since 2005, according to the Institute for Fiscal Studies.