This week, alongside Shadow Treasury and Shadow International Development colleagues, I have been working on a major policy announcement. Ahead of the G20 Finance Ministers and Central Bank Governors meeting in Japan this weekend, Labour demands #loanjustice. We have unveiled plans for an Overseas Loan Transparency Act establishing a public Overseas Loan Transparency Register. Watch our video here to explain more.
The Tories’ approach to international development has failed to take on board the human-made nature of poverty and inequality. Recent years have seen a string of scandals, as private UK-based companies have made loans in secret to foreign governments, often on highly unequal terms, causing significant financial distress, particularly for countries in the Global South. Civil society groups, in the UK and abroad, have called for an end to this exploitative practice – and have demanded greater transparency in the form of a register of these loans to ensure their existence and terms are made public.
Labour will take a stand against the injustice of countries having to divert money away from public services to repay unfair international debts at the same time as bearing the burden of a global climate crisis they did not create. Labour’s Overseas Loan Transparency Register will require all lenders from the UK making loans to foreign governments to disclose the existence of these loans and key details of those loans on the register. I’m proud to be part of this exciting policy initiative. Stay in touch via my Facebook page for the latest information.
Also this week I met with UK Finance in a wide ranging policy discussion covering Brexit, the UK economy, financial inclusion, and British exports to the rest of the world. It is vital that Labour maintains strong relationships with key economic stakeholders and is ready to govern with a strong economic vision, whenever the next General Election may be.