Treasury written question – answered at on 24 July 2025.
Ian Lavery
Labour, Blyth and Ashington
To ask the Chancellor of the exchequer, what steps her Department is taking to support global debt relief.
Ian Lavery
Labour, Blyth and Ashington
To ask the Chancellor of the exchequer, whether she plans to help amend UN frameworks to tackle global debt.
Emma Reynolds
The Economic Secretary to the Treasury
Tackling unsustainable debt in low-income countries is a key development priority for this government. We are working closely with partners to strengthen and speed up the G20 common framework, and to enhance debt transparency for debtor and creditors. We have set up the new London Coalition on Sustainable Sovereign Debt, to promote contractual innovations for increased resilience and to make restructurings quicker.
The government welcomes the package to support debt sustainability in the outcome document agreed at the UN’s Seville Conference on Financing for Development in June, specifically the strong action to improve debtor voice, debt transparency, disaster pause clauses and strengthen the G20 Common Framework. We will maintain momentum on reforms to the existing debt architecture. We are also engaging with partners on the intergovernmental process at the UN
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
