Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to support debt relief in low-income countries.

The UK Government is committed to policies that tackle unsustainable debt. We progress this work through various multilateral fora, including the G20, the Paris Club and the Global Sovereign Debt Roundtable. Through the G20, we participate collaboratively in the Common Framework, helping to deliver coordinated and sustainable restructurings for low-income countries facing debt vulnerabilities.

As part of the government’s strategy to engage with the private sector on sovereign debt, I co-chair the London Coalition on Sustainable Sovereign Debt, alongside José Viñals, former chairperson of Standard Chartered Bank. The Coalition brings together government and private sector stakeholders, to find innovative solutions to more sustainable sovereign debt financing in developing economies.

The UK is looking forward to hosting the G20 Presidency in 2027 and G7 in 2028. We are considering how the UK can build on existing progress and support practical action on debt architecture, transparency, and the pressures created by high debt-service costs.