International Development (Official Development Assistance Target) Bill

Debate between Lord Foulkes of Cumnock and Lord Lawson of Blaby

Friday 6th February 2015 Lords Chamber

[Lord Lawson of Blaby]

I am talking about debt relief for low-income countries. This is just prolonging the debate. I do not wish to prolong it but it is being prolonged as a result of the interventions. The IMF study states:

“1987 marked a watershed in the financing of LICs. In April, Nigel Lawson, then UK Chancellor of the Exchequer, launched the first of what proved to be a series of UK LIC debt Initiatives by arguing that Paris Club rescheduling for the LICs should be at below market rates of interest. Thus, for the first time it was proposed that reschedulings of commercially priced ECA debt should involve a reduction in the present value of the debt outstanding”.

[Lord Foulkes of Cumnock (Lab)]

The noble Lord, Lord Lawson, and I used to be Members of the other place. Does he recall that if he had tried this tactic there, the Speaker would have ruled him out of order?

[Lord Lawson of Blaby]

That is a bit rich coming from the noble Lord.

[Lord Foulkes of Cumnock]

The noble Lord is absolutely right.