Foreign Secretary, Ed Miliband, speech: A global financial system that works for all – action on debt, investment and resilience

Foreign Secretary Ed Miliband delivered a keynote speech at a Rockefeller Foundation event in Bangkok, outlining the UK’s commitment to addressing debt, private investment, and resilience in developing countries. He emphasized the need for political leadership ahead of the UK’s G20 presidency, framing these issues as both moral imperatives and national security concerns for Britain.

Miliband highlighted the UK’s decision to serve as a World Bank Governor, the first British Foreign Secretary to attend the annual meetings in this role, underscoring the interconnectedness of climate, development, and debt. He noted that developing nations, particularly small island states, face existential threats from climate change while grappling with high debt levels and poverty reduction needs.

Reflecting on past UK leadership, Miliband cited the 2005 Gleneagles debt relief initiative and the 1990s HIPC Initiative as examples of successful interventions. He stressed that today’s challenges require a partnership of equals, focusing on growth opportunities in emerging economies rather than a deficit-focused approach.

Miliband acknowledged the current global challenges, including heightened conflict, rising food and fuel prices, and the impact of climate events like El Niño. He warned that the global financial system’s failings persist, particularly in addressing imbalances between the Global North and South, and called for ambitious solutions to these enduring injustices.