Foreign secretary promises to push for urgent reform as he warns the global financial system is failing emerging markets

Sarah Newey

Global Health Security Correspondent,

in Bangkok

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Sarah is based in Bangkok, having reported from more than 20 countries since first joining the desk in London. She covers issues such as infectious disease, insecurity and development policy, with a focus on Asia-Pacific

Published 14 October 2026 2:58pm BST

Ed Miliband, the foreign secretary, has called for a “new deal on debt” as spiralling borrowing costs force developing countries to spend more on interest payments than on education or health .

In a speech in Bangkok on Wednesday, Mr Miliband warned that the global financial system is failing emerging markets, and promised to use the UK’s diplomatic heft to push for urgent reform.

He said: “The short-term repayments are crippling, and while many are not defaulting on their payments they are being forced, if you like, to default on the lives and…