A new United Kingdom development strategy will turn to the wealth of insurance firms, pension funds, and private investors to halt the global rise in poverty — arguing aid budgets can never provide the finance needed.
The plan, which experts have called the first detailed blueprint for more than a decade, will focus on using the financial muscle of the City of London to “mobilize the money,” Devex understands, while offering no timetable for reversing cuts to government spending.
The “white paper” will be published by Prime Minister Rishi Sunak on Monday. It will set out a seven-year strategy, arguing that the goal of “ending extreme poverty” by 2030 can still be met, despite the setbacks since the COVID-19 pandemic, but only if policy is powered by private finance.