Bromley and Wandsworth councils slammed for investing millions into Qatar state bank

Bromley and Wandsworth councils have been criticised after an investigation found they had invested millions of pounds of taxpayers’ money into the Qatar state bank.

The councils deposited the money in the Qatar National Bank to earn interest on the amount, which is used to fund public services.

With a controversial World Cup days away from beginning in the Gulf state, the human rights abuses and deaths of thousands of migrant workers constructing the stadiums in the country have been brought into sharp focus. 

An investigation by The Guardian found the local authorities had deposited the money between 2017-22.

They found following a Freedom of Information request that Bromley council had invested £30m in the past five years, while Wandsworth council confirmed it had invested just under £10m in the bank.

The move has been slammed by LGBT+ activist Peter Tatchell, who said taxpayers would be “appalled” at the councils’ decisions.

Qatar has outlawed same-sex activity, which can be punished with seven years in prison, or even the death penalty.

There are also no legal protections for LGBT+ people.

Mr Tatchell, who has strong links to South London and once ran for the Bermondsey parliamentary seat, was detained in Qatar last month for protesting against the regime. He has since left the country.

He told the South London Press: “LGBT+ people in Wandsworth and Bromley will be appalled to know that their council tax is being used to fund the homophobic regime in Qatar. 

“The insult is made worse by the fact that these councils claim to be supportive of the LGBT+ community.”

He added: “It is outrageous that the council is investing taxpayers’ money in a dictatorship that is accused of sexism, homophobia and racism.

“Qatar abuses the rights of women, LGBT+ people and migrant workers. It treats them as second class citizens.

“Local authorities must ensure that their investment strategies align with human rights values, and not amorally just seek the highest returns. I urge the council to switch to more ethical investments.”

A Bromley council spokesman said: “The council’s investment decisions are taken in line with an agreed counterparty list provided by our expert Treasury Management Advisors and in accordance with the council’s treasury policy. 

“This includes agreed counterparty limits and minimum credit ratings for all investment decisions taken by the Council.  The income generated, in the form of interest, is used by the Council to support services and local residents.

“Bromley is the only London borough which, thanks to its debt-free status, has only interest income and no interest expense, meaning that every penny of council tax paid helps to fund local public services.”

A spokesman for Wandsworth council said: “We have no current investments in Qatar and have not invested there for a number of years.”

Pictured top: Peter Tatchell protests against the Qatari state in its capital Doha (Picture: The Peter Tatchell Foundation)