A newborn baby has been pulled alive from the rubble of a collapsed building in Caracas, and the World Health Organisation has been quick to praise the British-funded incubator network that played a role in the rescue. It is a heartwarming story, no doubt. But as I watched the footage of the tiny infant being rushed to a British-made incubator, I could not help but think of the bottom line.
The UK government has spent millions on these incubators as part of its foreign aid budget. And while saving lives is admirable, one must ask: is this the most efficient use of taxpayer money? The Venezuelan economy is in shambles, capital flight is rampant, and the government's fiscal irresponsibility has led to this very crisis.
The Bank of England's monetary policy committee might want to consider the inflationary impact of such largesse. Gilt yields are already under pressure. Perhaps we should focus on funding incubators for our own struggling NHS before exporting aid to a country that has squandered its own oil wealth.
The WHO's praise is welcome, but the market will have the final say.
