Bond reacts to Prime Minister’s announcement ahead of CHOGM summit

Ahead of the Commonwealth Heads of Government Meeting (CHOGM) taking place this week, the Prime Minister, Andy Burnham, published an op-ed in The Guardian over the weekend, stating that he is “open” to calls for a formal apology for the UK’s role in the slave trade. He also announced that he would “launch a new drive to restructure debt for the poorest Commonwealth countries – led by former prime minister Gordon Brown” to support these countries to repay debt over a longer period and with better interest rates. 

Romilly Greenhill, CEO of Bond, the UK network for NGOs said:

It is welcome that the Prime Minister has recognised the deep inequalities that exist in the global economy and that he is open to having a conversation about the legacy of slavery. His commitment to tackle debt and to give smaller countries a stronger voice on the world stage is also very welcome. 

These words must be matched by action. Too many Commonwealth countries are losing vital public revenue to unsustainable debt repayments and tax abuse, while struggling to fund their own public services including healthcare, education and climate resilience. Unfortunately, the UK also continues to play a role in enabling illicit flows of dirty money through loopholes linked to the City of London and its overseas territories, amounting to the loss of billions from many of these countries. 

A meaningful response to repair the injustices of the past means reforming the global financial structures that continue to drive inequality today. The UK’s upcoming G20 presidency is a vital opportunity to make a difference by driving global action on debt, tax and illicit financial flows.

ENDS.

Notes to Editors:

1. Many Commonwealth countries are in debt distress (1 in 3 are in a debt crisis) and 21 are now paying 14% or more of government revenue in debt repayments. 
2. For more information on the global financial reforms the UK should champion during its G20 presidency, please see Bond’s briefing here.
3. For more information on the opportunity provided by the UK’s G20 presidency to reform the global debt crisis, including reforming the G20 Common Framework, please see a briefing by Debt Justice here.
4. Bond unites and supports a diverse network of over 330 civil society organisations from across the UK, and allies to help eradicate global poverty, inequality and injustice.
5. For more information or interviews, please contact Jess Salter at jsalter@bond.org.uk or 07392972411.