November 15, 2022 4.30 pm This story is over 28 months old

Lincolnshire councils deposit £170m in Qatar bank

The country is known for its hostility to LGBT communities
The Conservatives remain the largest group on South Kesteven District Council | Photo: SKDC

Lincolnshire councils deposited more than £170 million of taxpayers’ money in the state bank of Qatar, despite the country’s shocking human rights record.

South Kesteven and East Lindsey district councils are among those who have put taxpayers’ money in the Qatar National Bank (QNB).

An investigation from the Guardian found at least 28 UK councils have benefited financially from a country where homosexuality is illegal.

South Kesteven deposited around £120m since 2017, the figures show, the second biggest total.

This is accounted for by £13m, which is continually reinvested as it matures.

The council says it aims to make ethical investments, while also delivering value for taxpayers.

East Lindsey has put in around £50m in QNB over the last five years, the tenth biggest amount.

The Guardian reports that some councils have now pulled their money out from the QNB over ethical concerns.

All Lincolnshire councils fly the rainbow flag during LGBT events to show their support, however homosexuality remains a criminal offence in Qatar.

There has also been grave concerns about the deaths of hundreds of migrant workers used to construct stadiums for the forthcoming World Cup.

A spokesperson for South Kesteven District Council said: “SKDC currently has £13m invested in Qatar National Bank (QNB); these are investments that meet the criteria set out in the Council’s Treasury Management Strategy and are reported to our Governance and Audit Committee.

“The council’s policy on where to invest is reviewed on a regular basis and we strive to ensure this is with ethical countries and companies.

“The investment approach of the council ensures optimum value for the local taxpayer, in line with best practice and professional guidance, although this will be balanced against our ethical responsibilities at the earliest opportunity.”

East Lindsey District Council declined to comment on the deposits.

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