From Morning Star: The gains of decades of anti-poverty campaigning to put people before profit are under threat if the Tory government’s “wrong-headed privatisation” of the aid budget is allowed to proceed, campaign group Global Justice Now has warned.
International Development Secretary Penny Mordaunt has set the stage for full-scale privatisation of Britain’s aid spending, announcing a drastic reduction of public money from the aid budget and saying she would continue to press for changes to the rules on international aid to “incentivise” private investment abroad.
Working with the City of London to develop new “investment vehicles” for developing countries would provide opportunities for British savers struggling to find a return on their investments, she claimed.
“When British investors are struggling to find good returns, these markets offer good opportunities. Doing good while making money,” she said.
Global Justice Now’s aid policy manager Ed Lewis said: “Not content with using public money to fund private schools in the developing world, the government now plans to outsource its obligations to tackle poverty to the private sector.
“This is a betrayal of our country’s responsibility for ending global poverty and inequality and instead turns other people’s poverty into a money-making opportunity.”