No New Debt Trap

A lending boom is threatening to set a new debt trap for people in poverty around the world. Governments are unable to pay their debts and afford basic services like healthcare and education.

Since the global financial crisis of 2008, there has been a boom in irresponsible lending to impoverished countries. 

This lending boom is threatening to set a new debt trap for people in poverty around the world, where governments are unable to afford to pay their debts and provide basic services like healthcare and education to their people.

The UK is responsible for regulating much of this lending, with 90% of publicly traded loans to African governments being given using UK law. Yet these loans can be given in secret, and vulture funds can use UK courts to ignore agreed debt restructurings and sue for huge profits. We are campaigning to change UK law to ensure that loans given under UK law, or by British-based banks, are transparent, and so that vulture funds cannot seek large profits out of debt crises through UK courts.

Campaign Resources

Infographic: Debt payments rocket (March 2018)
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Briefing: The new developing world debt crisis (Nov 2016)
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Africa's debt crisis, the UK's role (Drop It! magazine winter 2016)
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Report: How the response to the last global financial crisis has laid the ground for the next (July 2015)
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Report: The fall and rise of Ghana’s debt: How a new debt trap has been set (Oct 2016)
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