The new British Prime Minister Sunak said foreign aid funds need to be frozen for another two years.

(Reuters)

[Financial Channel/Comprehensive Report] The Daily Telegraph reported on Friday, citing sources, that the new British Prime Minister Rishi Sunak is considering freezing the country's foreign aid budget for another two years.

The UK government has cut its foreign aid spending two years ago and is currently set at 0.5% of national income, taking a huge financial hit due to the pandemic.

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Sunak, then finance minister, said last year that foreign aid spending should recover to 0.7% by 2024-25, but the latest news indicates that the British government is now considering extending foreign aid spending cuts for another two years to 2026. 2027.

And with high inflation, there is room for further cuts in the next three years, or the option to tie foreign aid spending to inflation, which is currently squeezing many households due to soaring costs of mortgages, food, fuel, etc. The UK government is planning to cut spending and scrap tax cuts.

The UK Treasury did not immediately respond to a request for comment.

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