Yorkshire MP threatens to derail anti-poverty bill
The bill aims to outlaw ‘vulture funds’ (1) – investment companies which buy up defaulted Third World debt and sue countries for immediate repayment. The practice has cost the poorest countries in the world over a billion dollars in recent years.
The Debt Relief Bill is a Private Member’s Bill tabled by Andrew Gwynne MP. It was due to receive its third reading in the House of Commons tomorrow (12 March) – the last stage before it goes for discussion in the House of Lords. However, Mr Davies’ amendment threatens the future of the bill because time pressure is likely to mean that the entire bill falls through lack of time.
Campaigners from Jubilee Debt Campaign (2) have expressed serious disappointment over Philip Davies move. They say that he could have raised these concerns at an earlier stage but failed to turn up to the second reading or to serve at the committee stage, at which a similar amendment was discussed and dismissed.
Sally Keeble MP, who is proposing the bill on behalf of Mr Gwynne, said:
“This is a wrecking amendment by someone who has form in opposing progressive legislation. This bill has all-party agreement, concessions have been made to ensure this, and efforts to derail it at this stage are completely deplorable. This legislation would set a marker for ensuring a more responsible approach to managing developing country debt and regulating the rogue outriders of the financial services industry.”
Nick Dearden, Director of Jubilee Debt Campaign said:
“This is clearly an attempt to get this bill thrown out by Mr Davies. Rather than take part in a debate to discuss concerns, Mr Davies is using Parliamentary procedure to get a bill thrown out that the vast majority of MPs have signed up to. It’s appalling behaviour and will mean many of the poorest countries in the world will continue suffering at the hands of reckless and unethical investors.”
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For more information contact JDC media line: 020 7324 4724; 07932 335 464
NOTES:
(1) Jubilee Debt Campaign is a UK coalition demanding 100% cancellation of unpayable and illegitimate developing country debts. For more information see www.jubileedebtcampaign.org.uk.
(2) Vulture Funds are private investment companies which take advantage of the relaxed laws in British courts to buy up Third World debt at dramatically reduced prices and sue poor countries for their full value plus costs. In the process, companies make excessive rates of profit.