There’s a new debt crisis crippling lower income countries. Many governments are spending more money on debt payments than on health or education. As record sums of money flow from some of the poorest nations to line the pockets of the world’s biggest banks such as HSBC and BlackRock, we need to take a stand against this injustice.
Take action now by writing to the UK’s political leaders calling for a new Debt Justice Law.
Dear party leaders,
External debt payments for lower-income countries are at their highest point in 25 years, crippling their ability to invest in the needs of their populations, or tackle the climate emergency.
The lack of cooperation of private creditors in the G20 initiative on debt restructuring has blocked any meaningful progress towards debt relief.
The UK government can play a crucial role by passing legislation to compel private creditors to provide debt relief in accordance with the principle of comparable treatment. Such legislation would involve no cost to the taxpayer, but would transform lives across the world and ensure the UK plays a pivotal role in supporting the development of many low-income countries.
The UK has a critical role because 90% of the debts to private creditors of countries eligible for the Common Framework are governed by English law. The other relevant jurisdiction is New York, where similar legislation is making progress in the New York Assembly.
If you are in government after the next UK general election, I’m calling on you to commit to a new Debt Justice law to help facilitate debt relief for countries in crisis.
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