UK banks invest ‘billions’ in nukes

A survey by the UK Nuclear Weapons Financing Research Group, which includes Quakers, shows that billions are invested by banks and pension funds

A survey of UK pension funds and banks released this week reveals that billions of pounds are invested in companies that are producing nuclear weapons. According to the report Banks, Pensions and Nuclear Weapons: Investing in Change, there is patchy awareness among some finance executives of their organisation’s record on nuclear weapons investment.

Marigold Bentley, from Britain Yearly Meeting, said: ‘All nuclear weapons treaties call for restraint and limitation yet here we are in 2020 and our financial institutions continue to facilitate the nuclear arms race. This must stop and we need to hold banks and pension providers to account and demand change.’

The report is launched by the UK Nuclear Weapons Financing Research Group, comprised of researchers from UK faith groups, including Quakers. The survey also shows that some banks and pension funds have said that they are actively reviewing this area.

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