Birmingham Post: City Council Could Lose Right To Invest Funds ‘Ethically’

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Councils and their pension funds could be stopped from withdrawing investments in trades they regard as unethical such as tobacco, arms and oil under plans dubbed an “attack on local democracy” by a Birmingham MP, Richard Burden.

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From March, the West Midlands Pension Fund will also join forces with other public sector funds in the region to pool investments in a £35 billion pot and cut management costs.

Northfield Labour MP Richard Burden said the Government’s proposed block on divestment would be an “assault on local democracy” by removing the right of elected councils to choose who they invest or work with.

Conservative Local Government Secretary Greg Clark MP warned that left wing councils were playing politics with pension funds, undermining government foreign policy and pushing up the bill for council taxpayers.

Read the full article here.