UK councils have been funding their workers’ retirement payouts by investing over half a billion pounds in arms companies supporting Saudi Arabia’s deadly war against the people of Yemen.
Up to 43 council pension funds have invested nearly £566 million in weapons manufacturing companies BAE Systems, Airbus, Lockheed Martin, Raytheon and Northrop Grumman, The Guardian reported Thursday, citing nearly 100 freedom of information requests.
As a result of the massive investment, the councils earned over £18.5 million in dividends last year, when the war caused thousands of civilian deaths in Yemen and gave way to a punishing famine across the impoverished country.
The involvement of UK councils in the war does not end there, however, as they also hold hundreds of millions of pounds of shares in the same five companies via joint investments that they do not control directly.
At least 40 more local authority pension funds had made similar…