All debt payments to the UK from 41 of the world’s poorest countries have stopped or will be held in trust for the day they can be returned to fund poverty reduction, following an announcement by Chancellor Gordon Brown and International Development Secretary Clare Short. Speaking at a rally organised by Jubilee 2000 in December, the Chancellor said:

“Because poverty is so great and the need so urgent, neither you nor I want the richest countries to benefit any more from the debts of these poorest countries… I will renounce our right to receive any benefit from the historic debt owed by all the 41 most indebted countries. From today, all debt payments received by us will be held in trust for poverty relief, paid when poverty reduction plans are agreed and backdated to this day.”