‘It’s lunacy!’ Nick Ferrari rages at UK’s £71m foreign aid China payout in explosive rant

Nick Ferrari lashed out at the UK’s foreign aid priorities after it was revealed that Britain sent £71million of taxpayers’ money to China in one year alone. In a fiery rant, Ferrari voiced his frustration at the “lunacy” of Britain funding development in China, the second biggest economy in the world. MPs have demanded an inquiry as to the reasons the UK hands over money to an economy fives times bigger than its own.

Some of the aid money is even used to put Chinese firms in competition with British rivals. 

The revelation comes as Beijing is threatening the UK with retaliation after Downing Street banned Huawei from its 5G network.

Ferrari said: “China is the second-largest economy in the world and UK is either 5th or 6th, so we seem to be helping out richer countries.”

He spoke to Professor Teddy Brett, the Professor of International Development at the London School of Economics, who attempted to explain why the figure was so high.

JUST IN: China hits back: Furious Beijing sends bitter demand to US

Professor Brett said: “China is actually giving aid to Africa and spending a lot of its money outside, and could actually cover the things we are talking about.”

When the academic noted £71million in a budget of £7billion was “a drop in the bucket,” Ferrari hit back: “But it’s a bigger country. It’s a richer country, professor.”

Professor Brett responded: “It is a bigger country with a bigger economy.

“But the Chinese on average earn massively less than those in the UK. We are speaking about very small numbers here.”

Among the other projects that UK taxpayers funded are £5million to help reduce poverty by teaching Chinese people to use technology and over £1million to make sure Chinese banks are inclusive.

Ferrari continued: “Why aren’t we spending that money on HSBC, RBS and Barclays?

“Can you not see the lunacy of this country supporting the country with the second largest economy on the market?

“What is next? Will we send money to the US?”

Former Tory leader Iain Duncan Smith last night questioned why the UK was sending money to a country which was “breaking every rule in the book”.