Denial of Banking Services: UK Defence Sector

Baroness Neville-Rolfe Excerpts

Wednesday 4th June 2025 Lords Chamber

[Lord Livermore (Lab)]

I agree very much with what the noble and gallant Lord says. The Government have made it very clear that we consider defence an ethical investment. We do not see a conflict between sustainable investment and investment in our world-leading defence sector.

[Baroness Neville-Rolfe (Con)]

My Lords, defence is a vital requirement of our nation; I think we are all agreed on that. There have been many bad examples, which is why we are debating this today. Does the Minister agree that it is preposterous, unpatriotic and concerning that investment in our defence sector—for example, by certain pension funds or others prioritising ethical investment—should be actively discouraged by those purporting to favour a sustainable approach to investment? This needs to change.

[Lord Livermore (Lab)]

I agree with the noble Baroness. As I said previously, the Government have made it very clear that we consider defence an ethical investment. We do not see a conflict between sustainable investment and investment in our world-leading defence sector, and at a time of increasing geopolitical instability, supporting the defence sector has never been more critical.