Written by : STEVE TOPPLE
Campaigners have caught local councils investing billions of pounds into companies that use offshore tax schemes, with half a billion of it being public money. And ultimately, this means that these local authorities are putting your money into companies that don’t pay their fair share of tax.
A new report [pdf] by a group of campaign organisations including Friends of the Earth and Platform has been published. Called Councils: Fuelling the Fire, it details the amounts that local authorities invest in fossil fuel companies, via their employee pension schemes. And it found that they have pensions investments in corporations linked to the fossil fuel industry worth around £16.1bn.