No, I do not acknowledge that; the idea that by giving all this overseas aid we are reducing immigration to our country is complete baloney. Immigration tends to come much more from middle income people; the most strife-torn and poorest people do not have the money to pay people smugglers to come illegally to our country. I do not think the argument the hon. Lady makes is right, and the evidence does not support the idea that overseas aid reduces immigration or benefits us from a selfish perspective of leading to more trade. Indeed, we completely untied aid from trade. Other countries, most notably France, have traditionally tried to bring some benefit to constituents and companies by saying, “We will give you this aid but it should be spent in this way which will benefit not only your countries, but our constituents.” By untying aid in that way, we have it even less popular than it previously was.
There is an idea that we can somehow sustain giving away 0.7% on overseas aid every year, even when we are borrowing 5% of our output every year and we have no plans to put that right. Even the OBR says that our exports are going to grow more slowly than our imports; it just has preposterous assumptions that suddenly we are going to get 2.5% of extra GDP from investment income and somehow transfers are going to decline—they are not. All this money we are giving in overseas aid we are borrowing—and doing so from overseas. We are purporting to be a rich country that is able to give this great handout of 0.7% of everything we produce every year, but we are not giving what we produce—we are giving money that we are borrowing from overseas. These are debts we are building up for our children and our grandchildren. We see the other forecast that debt as a proportion of household income in that sector is going to go up to 180% of GDP, and that is partly happening to pay the taxes this Government need in order to give away 0.7% of their output to overseas. People here should think about what our constituents want and about whether it is sustainable to give away this amount of money when we are actually having to borrow it all from overseas.