UK's tax-funded £2bn aid strategy attacked as 'colonial post-Brexit' fantasy by unions and charities

NGOs and trade union leaders have attacked Liz Truss' rebranded global investment plan as politicking in Britain's interest, despite clear commitments to spend between '£1.5 - £2 billion' to finance 'infrastructure and enterprise' in 'developing' economies.

The Commonwealth Development Corporation (CDC) is being renamed British International Investment (BII) and signifies the 'increased breadth of what the organisation already does and highlights its role as part of the UK Government’s international financing offer, working to bring not just capital, but the highest levels of ethics, standards and transparency to its investments.'

Global Justice Now development finance activist, said:

“There is a clear role for UK aid to play in supporting the ‘global south’ during the pandemic and against climate change, but instead the government is chasing colonial post-Brexit fantasies.

This comes following a pledge by the CDC, soon-to-be BII, to spend £3bn to help emerging nations meet climate change targets.

TUC general secretary Frances O'Grady claimed:

“After being left in the dark on plans for British International Investment, it’s time for ministers to consult with unions and other civil society groups so that we can ensure decent jobs and poverty reduction are at the heart of the institution’s work.”

Earlier this year the Government committed to cutting the UK's overall aid budget from 0.7 per cent of GDP to 0.5 per cent, as the UK's domestic spending sky-rocketed during the pandemic.