Holding Government to account on debt distress
This week as part of my role as Shadow Cabinet Minister for International Development I asked Andrew Mitchell MP what steps the Government is taking to engage seriously with China and to bring forward the incentives, the regulation and the legislation needed to force private creditors to the table?
This comes as the IMF has announced that three out of five of the world's poorest countries are now in debt distress. The last Labour Government cancelled billions of pounds in debt. Yet, any solution now to this issue depends on China, which receives 66% of all bilateral payments and private creditors like BlackRock. Millions of the world’s poorest depend on halting debt defaults.
Across the dispatch box, I was pleased to see my counterpart Andrew Mitchell agree with me on the urgent need to address this issue.
More broadly, the very appointment of Andrew Mitchell as Development Minister is a win for Labour and recognition of how we have been holding the Government to account.
The merger of the Department for International Development (DfID) with the Foreign Office was a huge mistake by the Conservatives and has been detrimental to millions of people’s lives around the world and to the global reputation of the United Kingdom.
Only Labour truly understands the importance of restoring the independence of development.