Mark is strongly backing a new bill to prevent so called “Vulture Funds” preying on developing countries. These funds buy up third world countries’ debts at a discount and then sue them in courts for repayment in full at exorbitant rates of interest.

He said:

“These funds seek to make profits out of poverty and in doing so prevent scarce resources being spent where they are needed most – on health and education.

“I am pleased to see that the Government is keen to get this on the statute book and stop UK courts being used by vulture funds to prey on some of the world’s poorest people.”

The Debt Relief (Developing Countries) Bill would prevent hedge funds suing countries in UK courts for repayment at rates of interest greater than that agreed by the World Bank and IMF under an international initiative on debt relief to ensure that no country faces an unmanageable debt burden. To illustrate the problem, in November vulture funds won £20million in a UK court against Liberia, one of the poorest countries in the world.

It is a Private Member’s Bill which was introduced on 16 December by Andrew Gwynne, Labour MP, but the UK Government has welcomed it. The campaign against vulture funds has been very broad-based, bringing together politicians, churches and NGOs such as the Jubilee Debt Campaign.

Mark chairs the All Party Parliamentary Group on Debt and Personal Finance which has been concerned with the exploitation of people in the UK on low income by credit card companies charging excessive rates of interest. He has also campaigned very actively on international development so he has a strong interest in this area.