Andrew Gwynne MP has hosted a reception at the Houses of Parliament to celebrate the fact that the Jubilee Debt Campaign is now 15 years old. The event was held in the Jubilee Room in Parliament, the same room that the original campaign was launched 15 years ago.
Jubilee Debt Campaign is campaigning to end the situation where poor countries paying money to the rich world and call for a 100% cancellation of unpayable poor country debts.Amongst the other speaks at the event to congratulate the Jubilee Debt Campaign was Rt Revd Peter Price, Bishop of Bath and Wells and The Revd Dr Mark Wakelin, President of the Methodist Conference.
In the previous parliament Andrew passed a Private Members Bill which became law in the United Kingdom in 2010 to stop so called “Vulture Funds.” It brought to an end the practice of “Vulture Fund” where investment companies aggressively pursuing the poorest countries in the world for historic debts that had been written off by the international community.
The Debt Relief (Developing Countries) Act, as it became, received Royal Assent in March 2010 after the Labour Government used the ‘mop up’ procedure to get it through the legislative process before the impending General Election. The law, which had been subject to a 12 month sunset clause, was later made permanent by the current government after it had been assessed to have been successful in its first year in operation. The bailiwick of Jersey recently passed a similar law.
Andrew Gwynne MP for Denton and Reddish said:
“I am very pleased to have hosted the 15 year anniversary of the Jubilee Debt Campaign. They have certainly made a huge difference to overseas debt over the past few years and we certainly owe them a vote of thanks for keeping international debt high up on the political agenda.”
The British Treasury estimates that Andrew’s Bill – now the Debt Relief (Developing Countries) Act 2010 – will save the 40 most impoverished countries in the world over £145 million in the six years from its enactment.