If you want more of the nitty gritty details from this thread, give TIm's blog a read here: debtjustice.org.uk/blog/beyond-...

BUT, the UK actually has the power to help fix this. Most of these private loans are governed by English law. A UK debt justice law could ensure lenders participate in fair debt relief.

If you haven't yet, sign our petition -> act.debtjustice.org.uk/canceldebt

Instead of seizing that opportunity, the government chose austerity. That was ideological, not economically required.

At the same time, private lenders were flooding lower-income countries with high-interest loans - creating the global debt crisis we’re seeing today.

Between 2008–2022, the UK borrowed at the lowest rates in its history. That was a once-in-a-generation chance to invest in social housing, insulation, renewables and public services.

Meanwhile in the UK, the real problem isn’t government debt - it’s political choices. Public spending per person has barely grown in a decade. Poverty remains high. Yet progressive taxation is avoided. Many people are struggling to pay bills. Its not a govt debt crisis, its a household debt crisis

That’s money that can’t go to hospitals, schools or climate resilience. The IMF has often demanded austerity instead of debt relief, causing cuts of

📚 16% in education
🚑18% in health spending.

For many lower-income countries, debt is owed to foreign lenders. This means scarce resources flow OUT of the country. On average, they spend 17% of revenue on external debt payments. Some spend over 30%. Angola for example, over 60%.

Another key difference: three-quarters of UK government debt is owed to people and institutions INSIDE the UK. Those payments stay in the domestic economy.

This gives the UK stability and flexibility most countries simply don’t have. Many lower-income countries owe debt in dollars/euros, which means currency shifts can EXPLODE their repayment costs overnight.

Yes, the UK’s interest payments have risen. But Britain still borrows at around 4.5% - far below what many lower-income countries face (9–14%). And crucially, the UK borrows in its *own currency*

This is laudable. However, please do not include Hackney Marshes as a 'wild swimming' destination. The banks of the river are a SMINC. Even if sewage is reduced, the water is shallow and highly contaminated with leachates from bomb rubble buried underneath the marshes ⚠️

Please sign and share the petition

petition.parliament.uk/petitions/72...