Prime Minister Andy Burnham will set out plans for a "debt reset" aimed at helping Commonwealth countries grappling with repayments, as he promises Britain will play a leading role in a "new era" for the group of nations.
Speaking at the leaders' summit taking place in the Caribbean on Tuesday, the Prime Minister will argue work to support member states amid rising global interest rate costs must include non-G7 donors and the private sector.
Debt reset and infrastructure funding
Over the coming days, he will begin discussions with other leaders about the prospect of offering a formal apology for the UK's role in the slave trade, after opening the door to a "structured dialogue" about its legacy.
The Prime Minister also wants to look at ways of helping poorer countries repay debt over a longer period and with better interest rates, which Downing Street said he would outline on Tuesday.
The UK will also hand over £40 million over three years to speed up critical infrastructure investment including green energy in the Caribbean, No 10 said.
Reparations ruled out
But in keeping with his predecessors, Mr Burnham ruled out offering direct financial reparations, ahead of his attendance at the Commonwealth Heads of Government Meeting, where talks about the issue of slavery are likely to dominate.
After a previous summit in 2024 saw Downing Street insist financial compensation was not on the agenda, before all 56 nations signed a communique backing talks over reparatory justice, Mr Burnham said the UK was pursuing a "new approach".
As part of this, No 10 said Britain would lead two new taskforces – one focused on critical mineral assets and vulnerabilities in supply chains across the group and the other aimed at boosting trade and investment more widely. Both will be set up by the end of the year and report back at the next leaders' summit, officials said.
UK's role in the Commonwealth
Downing Street said Mr Burnham would use the summit to "outline his vision for supporting countries grappling with higher debt costs".
Britain will play its "full part" in shaping the Commonwealth as a "powerful force for good" in a more divided and unpredictable world, he said, as he arrived in Antigua and Barbuda on Monday.
The Prime Minister said: "In today's more divided, unpredictable world, the Commonwealth has the potential to be a powerful force for good, bringing together a third of the global population, and I believe it is key that the UK plays its full role in that."
"Britain is bringing a new approach to this meeting, as we look to reshape a new era for the Commonwealth, as well as being open to discussions about the past. From trade to defence and security, together Commonwealth members can drive greater growth and opportunity for all of its citizens."
The King arrived in the Caribbean nation on Friday ahead of his Tuesday summit opening address, which will receive heightened interest after the Prime Minister's intervention. But Charles, who as head of state is above party politics, is not expected to offer an apology or reference the change in Government policy.
Tory leader Kemi Badenoch urged Mr Burnham against issuing a slavery apology, saying it would give countries a reason to ask Britain for reparations. She said: "I don't think we should be giving any money to compensate people for the slave trade, and I don't think that Andy Burnham needs to be apologising because it is a lever to wedge open the door to ask for cash."
