Debt cancellation would be an important step towards reparatory justice

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Hello friend,

Earlier this month, Prime Minister Keir Starmer was forced to respond to calls by Commonwealth leaders for reparations for the UK’s role in colonialism and the slave trade. It's a thorny issue that won’t go away – and the debate continues to attract media headlines this week. [1]

The legacy of colonialism and slavery continues to this day. Over hundreds of years, countries were stripped of their wealth, resources and freedom by European colonisers like the UK. Their economies were left weak at the point of independence, with many left reliant on loans to survive. This was the start of the global debt crisis we know today.
READ: Our blog on reparations and debt justice ([link removed])

The UK government has so far ruled out paying financial reparations to these countries, and has instead indicated a willingness to discuss “non cash forms” of justice – including hinting at debt cancellation. [2]

But this action would only be a first step towards reparatory justice, as our blog last week explains. ([link removed])

Today, we’re facing the biggest debt crisis in thirty years – there is an urgent need for action. Nine in ten debt contracts between private lenders and lower-income countries are overseen by UK law, which puts the government in a strong position to make big banks, oil traders and hedge funds take part in debt cancellation.

We’re calling for a debt justice law which would do exactly that.
Find out more about the reparations debate – and debt ([link removed])

Taking action to tackle unsustainable debt will never be sufficient on its own to address the legacy of colonial exploitation and injustice, but it would be an important step.

It’s clear that our demands for a debt justice law are cutting through and being heard. Now is the time to keep pushing for a debt justice law. ([link removed].)

In solidarity,

Wiz, Eva, Tess, Tim and everyone at Debt Justice

NOTES

[1] BBC, Slavery reparations not about transfer of cash, says Lammy: [link removed]

[2] The Guardian, UK ‘open to discussing non-cash forms of reparatory justice’ for former colonies: [link removed] ([link removed])

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