Some of the world’s poorest countries, from Kenya to Sri Lanka, are struggling with huge debt burdens, forced to pay enormous sums to international banks and hedge funds instead of paying for hospitals and schools that are desperately underfunded. The impact on ordinary people is devastating.
When attempts are made to make debt payments more affordable for these countries, these ‘private lenders’ hold out for maximum profit and demand repayments no matter what the human cost.
The City of London is home to 90% of these debts, and our government therefore has huge influence in how these debts are governed. A new ‘Debt Justice Law’ would make the global debt system fairer, compelling the private lenders to offer debt relief to countries in crisis.
Please write to your MP, asking them to call on the Chancellor, Rachel Reeves, to pass a Debt Justice Law.
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