Do local councils fund street gangs?

Interesting question from my sister.  She was refering to local authority pension funds investing in the arms trade.

I was involved in a lively discussion among Hampshire Lib Dems last year about the position the County Group should take over the issue.  The argument against stipulating that pension funds should invest in ethical funds is that Councils are under a legal obligation to deliver ‘Best Value’.  Unfortunately, of course, businesses in ethical funds will not be able to match the performance of wider funds if they are not given access to investment resources – all a bit circular and self perpetuating. 

Now, I realise that most street gangs supposedly get their hand guns from Eastern Europe via the ‘parrallel economy’.  But can it really be the case that Councils are delivering best value to their electorates if they are investing in products that could be used to kill them…?

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One response to “Do local councils fund street gangs?

  1. I’ve been involved in similar discussions recently and just can’t move away from the ridiculousness of taxpayer’s money being spent on the arms trade under the guise of ‘investment’.

    And I think there’s a difference between traditional ‘ethical funds’ in pension plans and ‘least worst’ investments. For example, I really wouldn’t have a problem with council’s investing in pension plans that based their investment on commercial property, which is where my current pension plan is invested.

    But organisations that invest in the arms trade should, as far as I’m concerned, be a complete no go.

    The Litmus test? Imagine defending the council’s right to get ‘best value’ on the doorsteps of Moss Side Manchester or South London, particularly after the last couple of weeks….

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