It looks like victory is on the cards for Southwark Liberal Democrats' campaign to stop the council investing in tobacco firms and military suppliers after the announcement today that Southwark Council will be reviewing its investment policy.
The news comes after months of pressure by Liberal Democrat councillors, who uncovered council investments in tobacco back in June, followed by revelations last month that the Labour-run council was also investing in the arms trade.
Labour council leaders have now told local media they will look at introducing an ethical investment policy, and will be balloting staff pension fund holders about ending the controversial investments.
Well done to Cllr David Noakes and others who have doggedly pursued this issue!
Initially Labour councillors said they would not withdraw the investments and were only concerned about making money from the investments. Then they said the Lib Dems were guilty of pursuing "vanity projects" when we said we would invest the money in new homes instead. Now they have finally admitted there is a problem, saying they will review the investment policy.