Economic Growth
(asked on 24th September 2020) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 24 September 2020 to Question 91125 on Economic Growth, whether his Department used the scenario that GDP will fall by 14.3 per cent to determine the reduction to the Official Development Assistance budget announced in July 2020.
This question was answered on 29th September 2020
A £2.9bn ‘reasonable worst case’ risk of exceeding the 0.7% ODA target was modelled based on a range of independent forecasts on the contraction of the UK economy in 2020, and accounts for some unexpected spending pressures. Arrangements are in place to tailor our spend further during the remaining months as we start to gain a clearer economic picture.
A £2.9bn ‘reasonable worst case’ risk of exceeding the 0.7% ODA target was modelled based on a range of independent forecasts on the contraction of the UK economy in 2020, and accounts for some unexpected spending pressures. Arrangements are in place to tailor our spend further during the remaining months as we start to gain a clearer economic picture.