Hackney Council pumps taxpayer millions into tobacco firms
The council’s commitment to reducing smoking has been questioned despite launch of a smoke-free play area in Clissold Park. Photograph: Hackney Council
Hackney Council has admitted that it invests millions of pounds in the tobacco industry, despite also promoting several initiatives designed to combat smoking in the borough.
According to the Council’s own figures, about 1.3% of its pension fund is invested in tobacco stocks, including British American Tobacco and Imperial Tobacco. These investments represent about £10.5 million.
At the same time, the Council’s Health in Hackney Scrutiny Commission is looking at “what more can be done to reduce smoking at a local level.”
The Council is also part of the Hackney Tobacco Control Alliance, a group whose stated goal is “to steer a coordinated, prioritised strategic approach to tobacco control in order to reduce smoking prevalence in Hackney.”
The Alliance was behind the recent decision to make Clissold Park’s play area and paddling pool a no smoking zone, and features on its website a government health strategy document entitled ‘A Smokefree Future.’
On top of this, Hackney Council supported Cut Films earlier this year, a national film competition designed to encourage young people not to smoke. Speaking at a screening of films made by students from Hackney schools, Councillor Jonathan McShane, Cabinet Member for Community Services, praised the students for making a stand against the marketing of the tobacco industry.
“It was fantastic to see the films the young people have made and the effort they put into learning about the damage that smoking does,” he said.
Hackney Council is not alone in investing in the tobacco industry. The Guardian recently reported that councils across England have tens of millions of pounds of their pension funds invested in tobacco stocks. Dr Vivienne Nathanson, head of science and ethics at the British Medical Association, was quoted as saying “It’s sad organisations are continuing to invest in tobacco, given that it shortens people’s lives.”
A Council spokesperson defended the investments, saying that “The Council’s Pensions Sub-Committee has a duty to maximise returns for its pension fund. As a result, our external fund managers will explore investing in a wide range of investment opportunities to ensure the committee’s responsibilities are fully met. This situation is not specific to Hackney and is the same principle that all councils in London follow.”
However, Amanda Sandford, Research Manager at the anti-smoking charity ASH (Action on Smoking and Health), challenged councils to think harder about where their money was invested.
“Whilst we recognise that pension fund managers need to seek the best return on their investments,” she said, “this does not mean that they should ignore the ethical implications of their decisions … We urge all local authorities to review their portfolios and to stop supporting an industry that has such a devastating impact on society.”
Dr Lesley Mountford, Director of Public Health for Hackney and the City of London and Chair of the Hackney Tobacco Control Alliance, declined to comment on the Council’s investments but did encourage people to resist the pressure to start smoking.
She said: “…Evidence shows that if you don’t start smoking by the age of eighteen then you are unlikely to. If you already smoke and want help to give up then call 0800 169 1943 or visit smokefreecityandhackney.nhs.uk.”
Yet another bunch of hypocrits! On the one hand they want to restrict peoples freedom of choice but secretly want to promote smoking as it keeps their pensions portfolio alive and kicking in these times of economic stress. Smoking bans were never about health in the first place as no one is recorded of dying from SHS and so far, no one has been found to still be alive when in actual fact they should have died on a certain day!
The whole thing is a crock of s**t from start to finish, purposely engineered by the medical mob starting with that famous anti smoker George Edward Godber in 1975!
ASH, far from their charity status advisory role, now dictate policy to a namby-pamby government who have no teeth whatsoever. No wonder this country is finished. The ‘do-gooders’ got a foothold 30 years ago and it’s been a downward slide ever since!
Still, at least the council pensions should be safe!
Just like a teenager who defends their smoking on the grounds that ‘all the other kids do it’. Hackney Council: grow up!
Yet another example of principled leadership from Mayor Pipe and his merry little clique! 😉
Of course they Invest in Tobacco, common sense really, with the state of the stock market at the moment what else could they invest in, maybe tobacco control can come up with a better option.I would be more inclined to ask the question, How much does tobacco control cost the country, given it’s total failure to reduce smoking rates. The only thing smoking prohibition has achieved is to kill off our Pubs and Clubs and force thousands out of work.
I used to play in Clissold park a lot when I was a youngster and if I went there today I would purposely chain smoke, because smoking is NOT illegal in open public places.
I do support the council with having tobacco compny shares, because they are one of the safest shares on the market.
So is that Hackney Council’s solution to the pension crisis? Invest our money in tobacco with the hope it’ll kill us off nice and early? Healthy financial returns at the expense of people dying younger, so lessening the demand on the pensions pot.
Win-Win!
FWilson…The smoking ban triggered the biggest fall in smoking ever seen in England;
http://info.cancerresearchuk.org/news/archive/pressrelease/2008-06-30-smoking-ban-triggered-the-biggest-fall-in-smoking-ever-seen-in-england
You may think that’s a “total failure” but I reckon you’d be in a tiny minority.
FWilson, the activities of property investment companies masquerading as ‘pubcos’, successive above-inflation increases in government duty of alcohol, and planning controls which allowed for, and even encouraged, change-of-use far too easily were already killing off pubs before the smoking ban. But I take your point that a blanket ban wasn’t the most equitable solution – simply the easiest to implement.