Speaking at a Jubilee 2000 rally, Gordon Brown said that “because poverty is so great and the need so urgent, neither you nor I want the richest countries to benefit any more from the debts of these poorest countries. So I can say to you – and to all the 41 HIPC countries on behalf of the British Government – I will renounce our right to receive any benefit from the historic debt owed by all the 41 most indebted countries”.
The Chancellor went on to call for other countries to follow the UK’s lead.
The UK has since committed 100% debt reduction for the 27 countries that have so far entered the HIPC initiative having proven their commitment to poverty reduction. For those countries yet to enter the process, the UK holds debt service payments in trust for the day they can be returned to fund poverty reduction.
For more information on Debt Relief visit the links below.
Debt Relief - HIPC
Debt relief - government action
Debt relief - Initiatives
Debt relief - HM Treasury's reply to BOND (British Overseas NGOs for Development) 0.7% campaign
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