Sunak Urged to Protect Indebted Poor Nations With New Law

(Bloomberg) — U.K. Chancellor of the Exchequer Rishi Sunak could free the poorest nations to fight the coronavirus pandemic by protecting them from “unscrupulous” private creditors, the opposition Labour Party said.

With English law governing a significant share of the sovereign debt issued by developing nations, Shadow Chancellor Anneliese Dodds called for legislation to protect those countries from being sued for debt recovery by private lenders. It’s time, she said, for the government to show leadership on debt forgiveness in the way successive U.K. governments did a decade ago following the financial crisis.



a man wearing a suit and tie: U.K. Chancellor of the Exchequer Sunak Presents 'Winter Economy Plan'


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U.K. Chancellor of the Exchequer Sunak Presents ‘Winter Economy Plan’

Rishi Sunak

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Photographer: Simon Dawson/Bloomberg

“A global debt crisis would not just undermine the fight against the virus, but drive up poverty, increase political instability and hamper efforts to address climate change,” Dodds wrote in a letter to Sunak ahead of a meeting

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Sunak Urged to Use English Law to Protect Indebted Poor Nations

(Bloomberg) — U.K. Chancellor of the Exchequer Rishi Sunak could free the poorest nations to fight the coronavirus pandemic by protecting them from “unscrupulous” private creditors, the opposition Labour Party said.

With English law governing a significant share of the sovereign debt issued by developing nations, Shadow Chancellor Anneliese Dodds called for legislation to protect those countries from being sued for debt recovery by private lenders. It’s time, she said, for the government to show leadership on debt forgiveness in the way successive U.K. governments did a decade ago following the financial crisis.



a man wearing a suit and tie: U.K. Chancellor of the Exchequer Sunak Presents 'Winter Economy Plan'


© Bloomberg
U.K. Chancellor of the Exchequer Sunak Presents ‘Winter Economy Plan’

Rishi Sunak

Loading...

Load Error

Photographer: Simon Dawson/Bloomberg

“A global debt crisis would not just undermine the fight against the virus, but drive up poverty, increase political instability and hamper efforts to address climate change,” Dodds wrote in a letter to Sunak ahead of a meeting

Read More