More than 100 Labour MPs and peers have urged British banks and fund managers to stop viewing all defence investments as “unethical”, as they seek to boost the UK’s domestic arms industry.
Their open letter calls for the removal of environmental, social and governance (ESG) investment requirements that “often wrongly exclude all defence investment as ‘unethical’”.
It called for the banks to “sweep away ill-considered anti-defence rules” and turn on “the financial taps to the firms that stand ready to deliver the best of British innovation, capability and skills”.
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