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Conservatives rebels have been among those calling on the government to reverse its plan to cut foreign aid.

Since 2015, it has been enshrined in UK law for the country to give at least 0.7% of Gross National Income (GNI) to lower and middle-income countries to aid their development.

The plan to reduce the UK’s contribution to foreign aid to 0.5% of GNI – despite a United Nations target of 0.7% – has been met with widespread domestic and international criticism.

Here, we look at how much the UK gives in comparison to other countries.

Who gives foreign aid?

Most richer countries give aid, including some that are classed as middle or lower-income.

But the 0.7% target applies to countries that are on the Organisation for Economic Co-operation and Development’s Development Assistance Committee (OECD DAC).

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These 30 countries are made up of many in the European Union, the UK, US, and other highly developed nations like Australia and New Zealand.

A couple of other countries are participants on the DAC, such as Saudi Arabia, the UAE, Bulgaria and Romania.

Last year, the UK was one of only seven countries reporting to the OECD that met the 0.7% target, giving the equivalent to $17.4bn – exactly 0.7% GNI. Out of European countries, only Germany spent more than the UK on aid in absolute terms ($27.5 billion or 0.73% of GNI). But several OECD countries gave more as a percentage of GNI.

In 2020, the proportion of GNI given by countries varied significantly from country to country, despite the UN’s target.

What is the money spent on?

The aid from DAC countries is called Official Development Assistance (ODA), which is intended to promote the economic development and welfare of developing countries, according to the OECD.

In 2020, the last year for which net flows of aid were reported, member countries sent $161bn to those developing countries, an increase of 7% in real terms compared to 2019. About three-quarters of that came from G7 countries.

Broadly, this falls into one of four categories: 1. Bilateral projects, programmes and technical assistance, which represent just over half of total net ODA; 2. Contributions to multilateral organisations (about a third of total ODA); 3. Humanitarian aid; and 4. Debt relief.

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This can include grants that fund improvements to the health of people in developing countries, such as vaccination programmes, but it can also include programmes that can benefit donor countries, such as infrastructure projects that allow greater levels of trade and investment.

Many countries, such as Japan, offer a sizable proportion of their aid in the form of loans.

How has the UK been doing up until now?

In 2013, the UK achieved the 0.7% target for the first time.

It came about after the Conservative Party committed to the target in its 2010 manifesto, when it also proposed setting up a dedicated department for international development to help achieve its aim.

It has maintained the commitment in subsequent manifestos, including in 2019 when it pledged to maintain the proportion of spending.

In 2010, then leader David Cameron defended the move, telling business leaders at the Lord Mayor’s banquet in London’s Guildhall that it saved lives, prevented conflict and was the “most visible example of Britain’s global reach” for millions of people.

Since 2015, the Government has also been under a statutory duty to meet the 0.7% target, as a result of the International Development (Official Development Assistance Target) Act.

But, in the wake of the impact of the pandemic, ministers want to slash the proportion to 0.5% saying that, while it is only a temporary measure until the nation’s finances are repaired, it will save £4bn.

If the UK had spent 0.5% of GNI in 2020, as it plans to in 2021, it would have ranked 10th in the world for its aid spending as a proportion of GNI, instead of seventh, according to the House of Commons Library.

How did the 0.7% target come about?

A target for international aid was originally proposed as far back as 1958 – at first by the Central Committee of the World Council of Churches, which suggested a 1% of GDP figure would be appropriate, and the idea was then circulated to all United Nations delegations at the 1960 General Assembly.

The 0.7% target was first agreed by the DAC in 1970 and it has repeatedly been international endorsed.

Among the key moments at which the 0.7% figure has been backed are the 15 countries that were members of the European Union by 2004 agreeing the following year to reach the target by 2015 and the 0.7% target serving as a reference for 2005 political commitments to increase ODA at the G8 Gleneagles Summit and the UN World Summit.

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In 2017, the UK government said it wanted to modernise the ODA rules to include some peacekeeping-related spending.

Currently, spending on military equipment or activity, including peacekeeping expenditure and anti-terrorism operations, are excluded, apart from the distribution of humanitarian aid.

Aid that relates to nuclear energy can be included as long as it is provided for civilian purposes.

Do countries outside the OECD provide international aid?

OECD countries are not the only ones that provide foreign aid, in its widest definition.

Evidence has been presented that China, India and Russia – which are classed as middle and upper-middle income countries – provide aid that would qualify under the ODA rules, but the amount they provide is not subject to the degree of transparency of DAC aid budgets.

US research group Aid Data has examined the Chinese loans paid to developing countries for a wide range of projects and businesses, with tens of billions in ODA payments given to lower or middle-income nations.

The vaccine diplomacy engaged in by Russia and India illustrates how two other countries outside the OECD offer one form of help.

And the World Bank reported that Russia’s ODA was $1.2bn in 2017, the last year for which figures were available, and India’s Ministry of External Affairs says it has offered “lines of credit” to 64 countries, worth $30.6bn.

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Chancellor insists Labour rebels ‘know the welfare system needs reform’ as they push for change

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Chancellor insists Labour rebels 'know the welfare system needs reform' as they push for change

Chancellor Rachel Reeves has insisted that rebelling Labour MPs “know the welfare system needs reform” as the government faces a growing backlash over planned cuts.

Sir Keir Starmer is under pressure from Labour MPs, with about 40 in the Red Wall – the party’s traditional heartlands in the north of England – warning the prime minister’s welfare plan is “impossible to support” in its current form.

Dozens have thrown their support behind a letter urging the government to “delay” the proposals, which they blasted as “the biggest attack on the welfare state” since Tory austerity.

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Ms Reeves on Friday reiterated her plans for reform, insisting that no-one, including Labour MPs and party members, “thinks that the current welfare system created by the Conservative Party is working today”.

She said: “They know that the system needs reform. We do need to reform how the welfare system works if we’re going to grow our economy.”

But, the chancellor added, if the government is going to lift people out of poverty “the focus has got to be on supporting people into work”.

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“Of course if you can’t work, the welfare state must always be there for you, and with this government it will be,” she said.

The reforms, announced ahead of Ms Reeves’s spring statement in March, include cuts to Personal Independence Payments (PIP), one of the main types of disability benefit, and a hike in the universal credit standard allowance.

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Starmer faces rebellion from Labour MPs over welfare reforms

The government has claimed that changes to welfare will cut the budget by £4.8bn overall.

Separately, Downing Street refused on Friday to deny that Ms Reeves has consulted on potentially overhauling their winter fuel payment policy.

Labour’s unpopular decision to means-test the policy has taken the benefit away from millions of pensioners.

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Ministers have faced pressure from their own backbenchers to rethink the policy in the wake of last week’s local election results, which saw Labour lose the Runcorn by-election and control of Doncaster Council to Reform UK.

Asked if the chancellor has discussed the winter fuel payment in private, the prime minister’s spokesperson said they would not give a running commentary.

Pushed again, Number 10 said a “range” of discussions take place in government – which is not a denial.

However, it is worth noting that when reports emerged earlier this week that Downing Street was reviewing the policy, the government strongly pushed back on that suggestion.

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Taiwan lawmaker calls for Bitcoin reserve at national conference

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Taiwan lawmaker calls for Bitcoin reserve at national conference

Taiwan lawmaker calls for Bitcoin reserve at national conference

Taiwanese lawmaker Ko Ju-Chun has called on the government to consider adding Bitcoin to its national reserves, suggesting it could serve as a hedge against global economic uncertainty.

Ko, a legislator at-large in Taiwan’s legislative body, the Legislative Yuan, took to X on Friday to report that he had advocated Bitcoin (BTC) investment by the Taiwanese government at the National Conference on May 9.

In his remarks, Ko cited Bitcoin’s potential to become a hedge amid global economic risks and urged Taiwan to recognize the cryptocurrency alongside gold and foreign exchange reserves to boost its financial resilience.

Taiwan lawmaker calls for Bitcoin reserve at national conference
Source: Ko Ju-Chun

Ko’s announcement came shortly after the legislator held talks with Samson Mow, who advocates for Bitcoin adoption by states like El Salvador at his BTC tech firm Jan3.

Taiwan is an export-oriented economy

Ko highlighted that Taiwan is an export-driven economy that has experienced significant fluctuations in its national currency, the New Taiwan dollar, amid global inflation and intensifying geopolitical risks.

“We currently have a gold reserve of 423 metric tons, and our foreign exchange reserves amount to $577 billion, including investments in US Treasury bonds,” the lawmaker stated.

In a scenario of more intense currency volatility or potential regional conflicts, Taiwan may “very likely be unable to ensure the security and liquidity,” Ko continued, adding that Bitcoin could be a great addition to Taiwan’s reserves for several reasons.

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Ko Ju-Chun advocated for the adoption of Bitcoin by the Taiwanese government before the Legislative Yuan. Source: Ko Ju-Chun

“Bitcoin has been operating for over 15 years. It has a fixed total supply, is decentralized, and is resistant to censorship. Many countries are focusing on its hedging attributes. At the same time, in intense situations, it may not face the risk of embargo,” he said.

Bitcoin is not the only solution

Referring to many global initiatives considering Bitcoin adoption as a reserve asset, Ko stressed that he’s not advocating for Bitcoin as the “only solution” to rising economic challenges.

Instead, the legislator suggested adding a “small proportion of Bitcoin” into the diversified assets as tools for sovereign asset allocation and risk hedging, and backup capacity of Taiwan’s financial system.

Related: Trump tricked into pushing XRP for crypto reserve: Report

He previously suggested that Taiwan could allocate a maximum of 5% of its $50 billion reserve to Bitcoin in an X post on May 6.

Taiwan lawmaker calls for Bitcoin reserve at national conference
Source: Ko Ju-Chun

“When exchange rate risk and regional uncertainty increase, it is time to introduce new tools to construct a more flexible financial strategy framework,” Ko said, adding:

“As former Dean Chen Chong said, Bitcoin is the gun of the digital era. It may also be the gold of the digital era, the silver of the digital era. Or it could be gunpowder. A wise nation will not let weapons be in others’ hands.”

The news comes as Taiwan is emerging as a crypto-friendly jurisdiction, with the Financial Supervisory Commission pushing institutional trials of crypto custody services in late 2024.

Mainland China continues to maintain its hostile stance on cryptocurrency after imposing a ban on multiple crypto activities, including mining, in 2021.

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Germany seizes $38M in crypto from Bybit hack-linked eXch exchange

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Germany seizes M in crypto from Bybit hack-linked eXch exchange

Germany seizes M in crypto from Bybit hack-linked eXch exchange

German law enforcement seized 34 million euros ($38 million) in cryptocurrency from eXch, a cryptocurrency platform allegedly used to launder funds stolen after Bybit’s record-breaking $1.4 billion hack.

The seizure, announced on May 9 by Germany’s Federal Criminal Police Office (BKA) and Frankfurt’s main prosecutor’s office, involved multiple crypto assets, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Dash (DASH). The move marks the third-largest crypto confiscation in the BKA’s history.

The authorities also seized eXch’s German server infrastructure with over eight terabytes of data and shut down the platform, the announcement added.

eXch exchanged crypto without AML

In the statement, the BKA described eXch as a “swapping” service that allowed users to exchange various crypto assets without implementing Anti-Money Laundering (AML) measures.

The platform had operated since 2014 and reportedly facilitated about $1.9 billion in crypto transfers, some of which were believed to be of “criminal origin,” including assets laundered during the Bybit hack.

Germany seizes $38M in crypto from Bybit hack-linked eXch exchange
Example of flow of Bybit exploit funds moving through eXch and bridging back and forth between Ether and Bitcoin. Source: TRM Labs

“Among other things, a portion of the $1.5 billion stolen from the Bybit crypto exchange, which was hacked on Feb. 21, 2025, is said to have been exchanged via eXch,” the authorities wrote.

Multisig, FixedFloat among laundering cases

According to a post by crypto sleuth ZachXBT, eXch was also involved in laundering millions of funds from other crypto thefts and exploits, including Multisig, FixedFloat and the $243 million Genesis creditor theft.

Those were in addition to “countless phishing drainer services over the past few years with refusal to block addresses and freeze orders,” ZachXBT said.

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Source: ZachXBT

ZachXBT was among the first security analysts to report on eXch’s links to laundering $35 million of crypto assets stolen from Bybit soon after the hack was confirmed.

Related: Hacken CEO sees ‘no shift’ in crypto security as April hacks hit $357M

“Lazarus Group transferred 5K ETH from the Bybit Hack to a new address and began laundering funds via eXch (a centralized mixer) and bridging funds to Bitcoin via Chainflip,” ZachXBT wrote in a Telegram post on Feb. 22.

eXch announced termination of services by May 1

After initially denying involvement in laundering funds from the Bybit hack, eXch eventually announced it would cease operations by May 1 in a Bitcoin Talk post published in mid-April.

“Even though we have been able to operate despite some failed attempts to shut down our infrastructure […], we don’t see any point in operating in a hostile environment where we are the target of SIGINT [Signals Intelligence] simply because some people misinterpret our goals,” it wrote.

Addressing the seizure, senior public prosecutor Benjamin Krause stressed the importance of action against “quick and anonymous opportunities for money laundering for any amount.”

“Crypto swapping is an essential component of the underground economy, used to conceal incriminated funds from illegal activities such as hacking or trading in stolen payment card data, thus making them available to perpetrators,” he said.

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