Speaking at the London Stock Exchange last week, international development secretary Justine Greening talked of the ‘radical journey’ she wanted to take her department and the broader development agenda on. As we expect from a Tory cabinet minister’s speech, it was peppered with clunking references to the ‘global race’ (as if economic development was just a matter of one country financially lapping another in some international athletics meeting), but, beyond the soundbites, it is a speech that is worth paying attention to, not just for what was included, but as much for what was left out.

Greening is right to recognise that economic development has to be the big story of the coming years, as the world moves to a new set of development goals post-2015. There has been a remarkable success in lifting people – around 700 million in the last two decades – out of extreme poverty. But in many ways the world has tackled the easier half of extreme poverty, and most of the remaining 700 million – many in countries that we would consider to be middle income – can only be lifted out of poverty through genuine shared economic growth and jobs. Again, Greening is right to recognise that this will require the close involvement of the private sector, who will deliver most of the jobs that are needed, and to earmark extra funding for economic development programmes.

So far, so good, then. But dig below the positive statements and you find a pretty standard restatement of that Tory favourite – against all the many years of evidence and the scars of poverty there for all to see – a deeply held belief in trickle-down economics.

Dealing with our own problems of anaemic growth at home, a certain obsession with GDP statistics can perhaps be forgiven. But the fact remains that in many developing nations, especially in sub-Saharan Africa, annual growth figures of which we can only dream are simply not translating into higher employment or reduced poverty. The Democratic Republic of Congo saw GDP growth of 7.2 per cent in 2012, yet youth unemployment sits around the 90 per cent mark. Horrific in any country; doubly so where over half the population is under the age of 15. Economic development means more than just growth – it has to deal with how that growth is shared as well.

So here are five areas that people will be looking out for as the small print of this new agenda emerges, which will help define whether this is a genuine attempt to deliver economic development for the many, or simply exporting the failed dogma of trickle-down economics.

1.      The Department for International Development’s economic development policies must help the poorest

Economic development that works for all must tackle head-on the youth jobs crisis that is facing many of the poorest countries, or the long-term consequences will set back development for decades to come. The UK needs to help the private sector and governments work together to provide jobs for young people, ensure that a functioning, transparent and effective tax collection system can support effective social protection programmes, and address the changing face of poverty that is emerging as a result of rapid urbanisation.

2.      Specifically target the reduction of inequality

In most developing countries, there is little or no correlation between rising growth and reductions in inequality – indeed, income gaps are rising. In particular, economic growth arising from mineral resources tends to enrich a very wealthy few – Britain needs to work to ensure there is greater transparency over where the proceeds from this sector go. DfID must target its support towards private and public sector schemes that will reverse this trend – which particularly means supporting women, young people, small farmers and marginalised groups. Looking to the longer term, we should look at backing the development of sovereign wealth funds, such as that run by Botswana, where mineral wealth can provide for future infrastructure and social protection investment.

3.      No return to aid conditionality

Greening is right to promote the great opportunities for British businesses in developing nations and to point out that this can be a beneficial two-way relationship. But our economic development assistance must never be linked to a requirement for the country in question to ‘buy British’ or to adopt policies on trade and liberalisation. The last Labour government took a strong stance against aid conditionality – DfID needs to be clear that there will be no reversion to tied aid.

4.      Involving Britain’s diaspora communities

This week I chaired a remarkable meeting of people from the African diaspora now resident in Britain who were champing at the bit to work with the UK government and others to support economic development in their original countries. They were absolutely clear that remittances, while valuable, should only be the start. DfID needs to do far more work with businesses and organisations from the diaspora community to help export expertise and support. It is welcome that Greening is working with Sainsbury’s to provide skills training in South Africa, but there is also a wealth of expertise and enthusiasm in diaspora-owned businesses from Peckham to Paisley.

5.      Environmental sustainability at the heart of economic development

Climate change is a massive challenge for every nation, but it will hit the world’s poorest hardest. DfID must require tough environmental standards are at the heart of its economic development policies, including a requirement that UK companies that the department works with adopt similar environmental standards to those we expect here at home. Unfortunately, this government seems to only see environmental standards (or ‘green c**p’) as a brake on economic growth, when they can actually help to support long-term, sustainable and people-friendly economic success.

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Alison McGovern MP is shadow international development minister, a vice-chair of Progress, and member of parliament for Wirral South. She tweets @alison_mcgovern

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Photo: Department for International Development