Vulture funds: welcome move from Labour – other parties should follow suit
I’ve just heard that Labour will announce tomorrow (Sunday) that a future Labour Government would legislate to outlaw vulture funds, one of the most unacceptable faces of capitalism. A private members bill with support from people in all the major parties – and the TUC – was wrecked recently when an anonymous Conservative MP used a Parliamentary manoeuvre to throw it out. Hopefully the Conservatives will make amends and other parties will also pledge early legislation after the election. The TUC-backed Jubilee Debt Campaign has been calling on all parties to take this pledge since the private members’ bill was lost.
I’ve blogged about this issue before, but just in brief, vulture funds buy up the debts of developing countries at rock bottom prices and then when taxpayers like us bail those countries out through debt relief, the vultures swoop and use courts in the UK to rip off our money which should be spent on combating poverty, providing schools and hospitals.