Newton Fund’s cash boost was not backed by evidence, say MPs

The House of Commons Public Accounts Committee has found that there was “no clear evidence” to support the government’s decision to almost double the budget of the Newton Fund.

The fund was launched in 2014 to promote economic development through science and innovation capacity-building in middle-income countries with a budget of £375 million over five years.

But in the 2015 spending review, the fund, which is managed by the Department for Business, Energy & Industrial Strategy (BEIS), was increased to £735m and extended to 2021.