Lord Bruce of Bennachie
Main Page: Lord Bruce of Bennachie (Liberal Democrat - Life peer)(1 day, 10 hours ago)
Lords ChamberIt is vital, particularly at the moment, when many of our ideas and values regarding women are being challenged internationally, but we are determined that our work to support women will continue. We want to see this reflected through everything we do, and we are working on the detail of how we responsibly mainstream our work on gender throughout our programming. That is part of the story, but the other thing we need to do is to use our voice and influence internationally to make it clear that our position on these issues remains constant, even though others may change.
My Lords, given the impact of cuts in aid and the advance of Russia and China as funders in developing countries, will the Government seek an urgent initiative to promote public and private debt relief to ease the burden in those countries? Will they also do more aid matching to engage the British public, and work with the private sector to encourage development-led partnerships between the public and private sectors?
The private sector has an enormous role to play, and we have a responsibility to enable that to happen in a far larger way than it has in the past. I am leading an emerging markets and developing economies task force with the City of London; we have big players around the table, including the ratings agencies, HSBC and Aviva. We are seeing real success in breaking down the barriers to get that investment into developing economies.
The noble Lord is right to raise the issue of debt. Some countries spend far more on debt repayment than they do on health and education public services. That is not sustainable and we need a solution. Various options are available, and we support all of them to find which are most appropriate for the different nature of debt, to which the noble Lord alluded, in 2025.