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By Barrie Ireton (auth.)

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Extra resources for Britain’s International Development Policies: A History of DFID and Overseas Aid

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It supported OECD efforts to draw up a convention for the protection of foreign investors, which would help developing countries attract and retain private capital. It also supported the OECD’s study of the feasibility and desirability of multilateral investment insurance – something which took more than a quarter of a century to materialise in the form of the World Bank’s Multilateral Insurance and Guarantees Association (MIGA). The Creation of the Department: From Colonial to Overseas Development 25 The 1963 White Paper provided a detailed account of Britain’s aid to the colonial territories, the independent Commonwealth and to foreign (that is, non-Commonwealth) countries.

More help to the poorest The Conservative Party Manifesto of 1970, A Better Tomorrow, stated briefly: ‘Britain must play a proper part in dealing with world poverty. ’ After the Conservative Party won the 1970 election there was no follow-up White Paper fleshing out what this would mean in practice. In 1974 the Conservative Party manifesto, Putting Britain First, was silent on aid. 7% of the Gross National Product for financial aid to developing countries in need throughout the world and will seek to move towards it as fast as possible.

The third, while to some extent a reflection of the other two, appears to have been a defence of the status quo rather than offering any new vision: arguably it was flying in the face of a rapidly changing political and economic reality. However, within a year (1958) the introduction of Commonwealth Assistance (CA) loans for independent Commonwealth developing countries, to be provided under Section 3 of the 1949 Export Credit and Guarantees Act, was announced. There had been no discussion of this in the White Paper or, indeed, of the increasing problems which many of the independent Commonwealth countries and the colonies were having in accessing the London market, which this measure sought to help address.

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