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Former prime ministers David Cameron and Tony Blair have warned Boris Johnson that cutting the UK’s overseas aid budget would undermine the UK’s G7 presidency next year and cost lives.

The UK is committed to spending 0.7% of GDP on aid – a global benchmark.

But the government is considering reducing the target to 0.5%, which would have saved around £4bn this year.

Such a decision would be a “moral, strategic and political mistake”, Mr Cameron has warned.

Spending on foreign aid is linked to the UK’s national income – its GDP – which has been badly impacted by the pandemic.