Money is being sent to city insurance firms rather than those abroad who need it.
Millions of pounds of British aid cash will be poured into UK insurance firms to fund premiums for poor countries at risk of natural disasters, No 10 announced today.
A total of £30million will be ploughed into insurance policies and planning to protect developing nations from catastrophes like floods, hurricanes and droughts.
The money will come from the Department for International Development’s £13billion budget, as the Government earmarks 0.7% of national wealth on foreign aid.
But instead of the funds being spent on mosquito nets, anti-malaria jabs or feeding starving youngsters, the four-year plan will see UK taxpayers’ money funnelled into the pockets of rich City insurance fatcats.
And the move could anger British families in flood-risk areas who are unable to afford home insurance and have been repeatedly inundated, ruining their houses and possessions.