Banks funding the arms trade

The arms trade provides the destructive hardware used in conflicts across the world. It undermines development, contributing to the poverty and suffering of millions. War on Want has exposed, for the first time, the extent to which the five main British high street banks are funding this violent trade.

High street banks are using our money to fund companies that sell arms used against civilians in wars across the world, including the conflicts in Iraq and Afghanistan. They are financing an industry that sells arms to countries committing human rights abuses such as Israel, Colombia and Saudi Arabia. Money from our savings and current accounts is being used to fund companies that produce pernicious weapons like depleted uranium and cluster bombs.

As a result of the financial crisis there are now unprecedented calls for regulation of the banking sector. War on Want is calling on the government to ensure that all banks are made to publish the full details of their loans, holdings and other banking services to the arms trade. The government must also introduce regulation which prevents high street banks from supporting the arms trade.