West Northamptonshire Council promises NOT to reinvest taxpayers' money into World Cup host country Qatar

West Northamptonshire Council has promised NOT to reinvest taxpayer's money into Qatar after a national newspaper investigation found it to have millions deposited.

A freedom of information investigation by the Guardian newspaper revealed that WNC has this year invested £21 million of taxpayers' money into the Qatar National Bank.

The council currently has £13 million invested in the State Bank of Qatar with a further £8 million fund previously invested. This £8 million matured in August earlier this year.

Qatar has been in the spotlight for a number of years with its preparations for the 2022 World Cup.

After the revelations in the Guardian, Liberal Democrats councillors called on the Conservative-led WNC have called for an “urgent revision to the current investment strategy”.

Councillor Sally Beardsworth, Lib Dem group leader, said: “Qatar’s record on LGBTQ+ rights is truly shocking. Male homosexuality is illegal in Qatar with a punishment of up to three years in prison and a fine and the possibility of death penalty for Muslims. The Qatari Government does not recognise same-sex marriage or civil partnerships, nor does it allow people in Qatar to campaign for LGBTQ+ rights. It makes a mockery of the council’s support for Northampton Pride."

Liberal Democrat councillor Jonathan Harris (Brixworth) called the council out for “its hypocrisy”.

He said: “It’s just blatant hypocrisy to be investing in a regime that clearly actively practices discrimination is entirely unacceptable. The council’s current investment strategy says: “The primary aims of this investment strategy, in order of priority, are the security of its capital, liquidity of its capital and to obtain a return on its capital commensurate with proper levels of security and liquidity.

“There is absolutely no reference to socially responsible or ethical investment, it is simply profits before everything else. We want it changed to ensure that principles of social responsibility and sustainability are first priority. It is a consistent problem that the council says one thing and does another."

Councillor Malcolm Longley, cabinet member for finance at WNC, said the World Cup has “clearly caused a great deal to be focused on Qatar”.

He said: “The council currently has a total of £13 million of short-term investments in the Qatar International Bank.

“These three investments were made this summer in line with our treasury management policy for a six-month period and are due to mature in December, January and February. When they do, we will review where any re-investment is placed but we will not re-invest the funds in the same bank.

“No previous concerns were raised by opposition councillors when the full council meeting approved the policy earlier this year, or, so far, by the scrutiny committee where a specific ‘task and finish’ group to consider Treasury Management was set up and is coming to the end of its work. Clearly the current World Cup has now caused a great deal of attention to be focused on Qatar. As a result of the reaction, we have received from local people about this, we have been pro-active and determined we will not re-investing in the Qatar State Bank when the current investments mature.

“We are extremely proud of the diversity of our communities and support and celebrate inclusivity and fairness for all.”