Oral Answers to Questions

Mary Kelly Foy Excerpts

Tuesday 9th March 2021 Commons Chamber

[Jesse Norman]

I do not recognise the figures the hon. Lady has used at all. The facts are that this Government published the “National Infrastructure Strategy” in November, which set out plans for £300 billion-worth of public investment over the next few years, as well as supporting £300 billion of private investment. Since then, the Chancellor has announced the new UK infrastructure bank, which will further support the development of infrastructure and levelling up, and the development of our green infrastructure across the UK.

[Mary Kelly Foy (City of Durham) (Lab)]

What recent discussions he has had with his international counterparts on requiring private creditors to cancel debt owed by developing countries during the covid-19 pandemic.

[The Economic Secretary to the Treasury (John Glen)]

The Chancellor regularly engages with his international partners in the G7, G20 and the Paris Club on debt issues, including private sector participation in debt restructurings, and Treasury officials are also engaging with the private sector on this issue.

[Mary Kelly Foy [V]]

As the Government slash international aid, covid-19 could push up to 150 million people globally into extreme poverty, yet many banks and asset managers operating in the UK, including HSBC, BlackRock and J.P. Morgan, continue to demand debt repayments from developing countries, leaving them with less money to respond to covid-19. Will the Government urgently introduce new legislation to prevent developing countries from being sued in UK courts by banks, asset managers and vulture funds if they are unable to pay their debts as a result of the pandemic?

[John Glen]

I note the hon. Lady’s long-standing interest in this subject, but I want to state clearly that the Government support the role of the low-income developing countries to be supported by the UK’s G7 presidency. We have made clear our expectation that the private sector and the firms she mentioned will offer debt treatment on at least as favourable terms as the official sector, under the common framework, as agreed by the G20 last November.