HE has spent years haranguing governments to increase public spending on aid, claiming it would end world poverty.
But Bono has finally changed his tune, admitting that the way to solving extreme poverty is through trade rather than aid.
In a remarkable turnaround, the rock star has told business leaders it is the private sector that holds the key.
The U2 singer, whose real name is Paul Hewson, was instrumental in persuading politicians including David Cameron to pledge to spend 0.7 per cent of the country's income on aid.
But speaking at a UN aid conference in New York, Bono acknowledged that the private sector has a bigger role to play in development than governments.
Addressing business leaders, he said: 'I'm late to realising that it's you guys, it's the private sector, it's commerce that's going to take the majority of people out of extreme poverty. And, as an activist, I almost found that hard to say.' Tory MP Peter Bone last night said: 'I'm delighted to hear that Bono is finally seeing sense. If you look at a country like India, it is private-sector investment, not aid, that is making the difference.
'Our overseas aid tends to be sticking-plaster stuff - it does not go to the heart of the problem of trying to create open markets to attract investors who will transform societies.
'For some people, aid is almost a religion - they think there is something morally right about taking taxpayers' money and giving it to someone else. It has been obvious for many years that trade not aid is the key, and if Bono has finally reached that conclusion it is greatly to his credit.' Bono, who was one of the stars to take part in the 1984 Band Aid charity single, played a key role in persuading G8 leaders to sign up to the spending target at 2005's Gleneagles summit.
He urged demonstrators to 'turn up en masse' to put pressure on world leaders to agree the deal. And he piled emotional pressure on leaders, such as Tony Blair and George Bush, saying they were playing with 'the lives of all the people who will go to bed hungry tonight'.
The pressure appeared to have paid off when every G8 leader signed up - but only the UK has actually met the target, at vast cost to the taxpayer.
The US spends less than 0.2 per cent of its income on aid, and some G8 countries spend less than they did when they signed the agreement.
Britain's foreign aid budget has risen from £8.4billion in 2010 to £12billion this year.
Mr Cameron has faced criticism from his own party for sticking to the target while imposing spending cuts at home. A recent biography claimed he kept the pledge partly over fears he would be criticised by Bono if it was dropped. Critics fear the target has become a byword for waste, with a report finding ministers splurged almost £100million a day on aid in December 2013 to meet it. The Commons international development committee found the money seemed to have been 'rushed out at the end of the year'. Individual projects - such as almost £4million for an Ethiopian version of the Spice Girls - have also been criticised.
A spokesman for Bono's aid foundation ONE last night insisted the star, who also played at Wembley's 1985 Live Aid concert, had 'always recognised the important role that governments and the private sector must both play in the fight against extreme poverty'.
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