New report says a personal debt tsunami of £6 billion directly attributable to the pandemic is already being stored up among some 4.6 million households and, if left unchecked, is set to worsen.
Research by the Jubilee Debt Campaign indicates a major breach by the IMF of its own policies, with $93 billion of lending to highly indebted countries without any debt restructurings.
The vast majority of international loans in Africa are made under English law because it allows a cloak of secrecy over lending, says Christian Aid, so the buck stops with the UK Parliament to bring real transparency or continue to allow unjust debt to cripple developing countries.
Over fifty MPs from every party have written to the Chancellor, Philip Hammond, calling for action to strengthen transparency around loans to governments at this year’s G20 Finance Ministers meeting.
The head of the National Audit Office says there have been a number of choices made in the course of the project that have clearly damaged public value.