Treasury seeking to slash target for aid spending from 0.7% of gross national income to 0.5%

The Treasury is planning to slash billions from the overseas aid budget despite the foreign secretary, Dominic Raab, praising the government’s 0.7% aid target on Monday as representing UK values in front of aides to Joe Biden.

The Treasury wants to cut the aid budget from 0.7% of gross national income to 0.5% next year and plans to make the announcement as part of next Monday’s one-year spending review.