In the debate on international development, there is one uncomfortable truth we can no longer ignore: Debt is quietly undoing decades of progress. Right now, at least 1 in 3 developing countries are spending more on interest payments than on health care or education. That means children missing out on school, hospitals without medicines, and communities unable to recover from climate disasters.
Debt is not a sidenote in the development debate, it is the fault line upon which progress now stands or falls. And because around 90% of this debt is governed by English law, the United Kingdom is uniquely placed to help fix it by enacting new regulations.
Before entering the U.K.Parliament, I worked as a development banker. I have seen both the…