London council decides to withdraw investments from companies supplying arms to ‘israel’
A London council has approved a motion urging the withdrawal of its pension investments from companies supplying arms to Israel amid what has been described as a genocidal conflict in the Gaza Strip.
In a decisive move on Wednesday, the Tower Hamlets Council voted in favor of a motion to divest its Local Government Pension Scheme (LGPS) funds from arms companies implicated in supporting alleged Israeli war crimes in Gaza, according to a report by the Palestine Solidarity Campaign (PSC).
Sybil Cock, the Chair of the Tower Hamlets Palestine Solidarity Campaign, praised the council’s decision as a significant advancement. She stated that the move reflects the council’s responsiveness to demands for divestment from companies that support activities by Israel deemed as war crimes against Palestinians.
The council, she noted, acknowledged its responsibility to sever all financial connections with what it termed as Israel’s actions in Gaza, describing them as genocide and illegal military occupation, and to avoid being complicit in environmental destruction.
Tower Hamlets Council has become the latest London borough to commit to divestment, following the lead of Waltham Forest, Islington, and Lewisham councils.
PSC’s Campaigns Officer, Lewis Backon, hailed it as a “notable triumph” that another council has acknowledged its ethical and legal responsibility to abstain from being complicit in what is characterized as Israel’s genocide, military occupation, and apartheid policies against Palestinians.
Backon emphasized the need for all councils to take immediate action by committing to divest from companies that are seen as facilitating activities related to Israel’s alleged violations.
Kerie Anne, the Branch Secretary of Tower Hamlets UNISON, expressed concerns over the ethical implications of pension investments, highlighting the reluctance of those employed in local government and educational support sectors to see their retirement funds associated with industries linked to violence and harm.
Since the outbreak of hostilities on October 7, 2023, which saw Israel initiate a significant military operation in Gaza, there has been a growing international chorus calling for divestment from Israeli assets.
Israel consented to a ceasefire commencing on January 19 after being unable to fulfill its stated objectives in the blockaded region.
The Health Ministry in Gaza announced on Thursday that the fatalities resulting from the Israeli offensive have climbed to 47,283. The casualty figures continue to rise in spite of a ceasefire, as additional bodies are being uncovered from the debris.
