Sir, We have written to David Cameron on Monday to applaud his decision to stick to the UK’s commitment to overseas aid to the developing world, despite the tough economic times. As chief executives of leading British companies we believe that this is not only the right thing to do, but that it is a smart investment. It is both humanitarian and in the interests of the country for the prime minister to do this and the case for continuing, well-targeted aid is beyond doubt.
We passionately believe in the power of the private sector to improve people’s lives, lift them from poverty and build more open societies. We would not be in business if we did not believe that to be true.
Many UK companies are doing this around the world as part of their core business. It isn’t about corporate social responsibility; we know that developing countries will be major markets and important sources of supply in the future – in fact many already are. Developing countries become emerging economies and emerging economies become the engines of future global growth and prosperity.
One reason these economies are doing better (Africa contains many of the fastest-growing economies in the world) is because of the impact of development assistance. Aid has contributed to improving education, health, sanitation and other public services in many of the world’s poorest countries. This investment in human capital is fundamental for a functioning economy. For example, World Bank estimates suggest a failure to tackle malnutrition among children can undermine future earning potential by as much as 20 per cent and can inhibit economic growth by as much as 2-3 per cent of gross domestic product.
As businesses we will continue to play our role in building healthy economies that are able to stand on their own two feet, but we cannot do everything on our own – and nor should we. Increasingly, the prospects of the world’s poorest people are being defined by what businesses do alongside the established work of governments and civil society. Aid makes a huge contribution to this process and it is for this reason that we fully support the government’s commitment to stand by its aid pledge.
- Alan Parker, Chairman, Brunswick Group; Sir Andrew Witty, CEO, GlaxoSmithKline; Andy Maguire, Senior Partner and Managing Director, Boston Consulting Group; Carole Reddish, Country Retail Manager, Ikea UK and Ireland; Dalton Philips, CEO, Wm Morrison Supermarkets; David Atkins, CEO, Hammerson; David Childs, Managing Partner, Clifford Chance; Graham Chipchase, CEO, Rexam; John Fallon, CEO, Pearson; Jonathan Lloyd, Chairman, Curtis Brown; Mark Makepeace, CEO, FTSE Group; Mark Price, Managing Director, Waitrose; Sir Michael Rake, Chairman, BT Group; Mick Davis, CEO, Xstrata; Dr Osman Shahenshah, CEO, Afren; Paul Walsh, CEO, Diageo; Peter Marks, CEO, The Co-operative Group; Rakesh Kapoor, CEO, Reckitt Benckiser Group; Richard Holmes, CEO, UK and Europe, Standard Chartered; Richard Reed, Co-CEO, Innocent Drinks; Richard Scudamore, CEO, Premier League; Robert Dudley, CEO, BP; Sebastian James, CEO, Dixons Retail; Tim Hely Hutchinson, CEO, Hachette UK; Tim O’Toole, CEO, FirstGroup; Victoria Barnsley, CEO, HarperCollins; Vittorio Colao, CEO, Vodafone Group; Paul Polman, CEO, Unilever
Malala Yousafzai, the teenager who was shot in the head by Taliban gunmen in Pakistan while advocating girls' education, attended her first day of school in the UK, weeks after being released from hospital.