HM Treasury announced that Chancellor of the Exchequer Rachel Reeves convened a roundtable with major UK financial services firms and the European Bank for Reconstruction and Development (EBRD) and launched the London Coalition on Sustainable Sovereign Debt, aimed at developing solutions for more sustainable sovereign debt financing in developing economies and increasing private capital mobilisation into emerging markets. The Coalition will bring together government and private sector stakeholders and focus on promoting orderly and transparent debt restructuring and more resilient borrowing to support climate and development goals. It will be co-chaired by the Economic Secretary to the Treasury, Emma Reynolds, and is positioned alongside other capital-mobilisation initiatives referenced in the update, including pensions reforms that could unlock around GBP 80 billion in productive investment, the Transition Finance Council, and an Institutional Investor Taskforce to advise on closer government-investor collaboration. Reeves and EBRD President Odile Renaud-Basso also signed a memorandum of understanding on cooperation for the EBRD annual meeting and business forum in London from 13 to 15 May, where governors are expected to approve the bank’s next five-year strategy and the UK plans to highlight opportunities for businesses to work with the EBRD in markets including Ukraine, Poland and Turkey.

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