Britain is the only major developed economy in the world to significantly increase spending on foreign aid, a report has found.

The UK's aid budget has risen 144 per cent in a decade and Britain is now the only major economy meeting a controversial United Nations target to spend 0.7 per cent of GDP on development money every year.

Ahead of the G7 meeting in Japan, which David Cameron is attending, the organisation released an aid spending "progress report" which shows that no other country is even close to meeting the 0.7 per cent target.

It shows that while in the last three years other major countries' spending has flatlined, Britain's has rocketed to over £13billion in 2014 based on current exchange rates.