Campaign Victory - UK Adopts Vulture Law

The UK has become the first country in the world to legislate to stop vulture funds profiteering off the debts of the poorest countries in the world.

Last week we were convinced the Debt Relief (Developing Countries) Bill – Andrew Gwynne’s Private Member’s Bill – was dead. But, thanks to ongoing campaigning by you, and the determination of a few MPs, the Government agreed to select this measure for the ‘wash up’, a process of passing a few laws quickly, with cross-party support, at the end of a Parliamentary session. In explaining why, Harriet Harman, Leader of the Commons, said it was because the Bill had “considerable support in the country”.

Yesterday, Sally Keeble MP successfully steered the Bill through the Commons. And at just past 2pm this afternoon, the bill passed through the House of Lords. It will be formally signed into law tonight. Read more on the Campaign Latest page >>

This campaign victory should mean that we never again have to see a country as poor as Liberia or Zambia sued in a UK court on the basis of a debt which dates back to the 1970s and has been bought by a vulture fund for pennies in the pound.

We want to take this opportunity to thank you for your support of JDC and of this campaign. This would not have happened without the persistent campaigning of people like yourself.

Of course the Vulture Funds Act – as important as it is for countries throughout the world – will not solve all the problems of global finance. We have much further to go. And indeed, the price for getting this Act through Parliament was a sunset clause, which means it will be reviewed in a year’s time. So there is much work ahead of us.

To do this, we need your ongoing support and help. If you are able to give us a one-off donation, or to increase your financial support to us today, that will really help with developing our next campaign, building for our next success and protecting the terrific gains we have made in the last year. Click here to donate now >>

Once again, thank you for all you have done. Yet again, the debt movement has proved that campaigning really works!

Best wishes,

Nick, Jonathan, Helen and the amazing team of volunteers at Jubilee Debt Campaign