Well, umm, no

Figures from the Conservatives show that the pound\’s fall over the past 18 months has effectively reduced the value of British aid by up to £334 million.

Since June 2007, when Gordon Brown became Prime Minister, the pound has depreciated against the dollar by 22 per cent.

This has had a knock-on effect of hitting the value of the pound in some of the world\’s poorest countries.

The pound is also down a fifth against the Bangladesh taka, effectively cutting British aid by around £28 million and down by 19 per cent against the Tanzanian shilling, cutting aid by around £24 million.

Against the Nigerian naira, the pound is down 17 per cent, effectively cutting British aid by around £27 million.

Yes, we know what they mean, that the decline in the pound has meant that the same number of pounds sterling buys fewer real goods than they did before. But the value of British aid in sterling is exactly the same as it was before.

Also worth noting that no one was suggesting that we cut the aid budget when sterling was rising….

 

5 comments on “Well, umm, no

  1. Correction – I’ve been calling for the aid budget to be cut for years.

    Instead of giving £800 million a year to India and flooding Africa with aid etc, how about we scrap the CAP and open some decent trade channels to let these countries bring themselves out of their difficulties?

  2. It’s a bit of a disaster this article, as you say. They’ve clearly decided their readers won’t understand it unless it’s converted back to sterling, but of course converting back to sterling makes a nonsense of it all.

  3. Giving aid money that just ends up in banks in Zurich is daft. Why not simply cut or abolish tarrifs and let them trade with us on an open market? Cut this French obsession with the CAP. However owing to gallic intransigence it will never happen so money will be wasted in these black holes for years to come.

  4. Could you outline for us the major tariffs that are on food imports into the EU from Africa?

    Tim adds: Under “Anything but arms” not a lot in terms of financial tariffs. But there’s a huge amount in red tape (they have to follow the same farm to fork processes as we do for example) and other non-tariff barriers.

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