Debt Jubilee Campaign
The debt jubilee campaign to cancel national debts in developing countries aimed to achieve their goal by the year 2000, the Great Jubilee of the Catholic Church. Whilst this aim was not achieved by the Jubilee Debt Coalition at this point, the campaign is still on-going. Debt Jubilee Campaign.
What could the Debt Jubilee Campaign do for the UK?
1. Increase trade
Quite simply put, if the economies in developing nations are under less strain in needing to repay massive national debts, there will be more cash to go around in these countries. As wealth increases, so does the ability to trade and this will benefit exporters from the UK.
2. Uncover new markets
With developing nations finding more left in their budgets, nations such as the UK will find new markets in which they can grow, exporting their products or services and expanding their global reach.
3. Increased goodwill
The cancellation of debts to developing nations will almost certainly mean that there will be an increased level of goodwill towards the countries which ensured that this happened. With this, levels of business between these nations could also increase, meaning a potential bonanza for certain businesses.
4. Encourages reciprocation
If the debts of developing nations are cancelled by some of the countries holding these debts, there could be a snowball effect, meaning that more of these debts are cancelled across the world. As this helps nations climb out of poverty, it can help to further stimulate the global economy, which will in turn benefit the UK economy
5. Releases countries from the sins of the past
The South African government has been forced to repay billions of dollars of loans taken out under the apartheid regime. Similar stories have emerged from countries like the Democratic Republic of Congo, which could become strong trading partners if their debt obligations were reduced or cancelled.
6. Provide a better life for ordinary citizens
One of the main reasons people may leave their countries is in search of greater prospects abroad. If the debt is cancelled, these people may be able to make the life they deserve in the country they were born in, reducing the need for them to emigrate.
7. Stops countries needing to take more loans
As countries become solvent, there becomes less of a need for them to take out loans, giving them more opportunities to trade and become part of a global community.
8. Provides greater opportunities in construction
If developing nations have more funds, the number of public building projects is likely to increase, providing stimulus for construction firms looking to win the contracts.
9. Opens investment opportunities
Stronger economies will increase the investment opportunities open to businesses and individuals across the UK, including in nations that previously would not have been considered.
10. Provides a feel good factor
Cancelling debts is a benevolent act and provides a focus for the public to feel positive about. This can only help to create a positive atmosphere and heighten national identity similar to the experiences of the London Olympics last year.
Debt Jubilee Campaign | The Ten Financial Wonders
Rob Jewell writes articles for a range of websites on many different subjects. When he’s not writing, he’s often found arranging parts for his soul band. For help with credit card debt, ConsolidatedCredit.co.uk is a helpful start. Jubilee Debt Campaign