Up to 300 defence companies debanked by high street lenders [Yahoo! Finance]
BAE SYSTEMS PLC S/ADR (BAESY)
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Source: Yahoo! Finance
Santander and Lloyds closed 300 accounts belonging to “public administration and defence” companies last year alone, according to correspondence with MPs on the Treasury Select Committee. Other major lenders did not provide a breakdown, suggesting the actual figure could be far higher. Although some of the accounts may have been shut for other reasons such as a prolonged period of inactivity, senior industry executives also told MPs that they were concerned about the ethical implications of working with arms companies. The disclosure triggered a backlash from defence experts and MPs. Writing for The Telegraph, the Treasury Committee chairman and Conservative MP Dame Harriett Baldwin said: “We cannot have organisations in this country systematically debanking legitimate firms or industries because their board turns its nose up at their line of work. If their work is legal then they should be able to access a bank account.” She added: “Banks' shareholders demanding environmen
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