Barclays and Tesco are facing protests in London. Customers are being asked to close their bank accounts. This follows the companies’ links to defense firms that supply weapons to Israel. Demonstrations are planned for Saturday, April 26, at Barclays branches in Harrow, Lewisham, Wembley, and Wimbledon. A protest will also take place at a Tesco store in Bethnal Green. The protests are sparked by Israel’s actions in Gaza and the financial support these banks provide to defense companies involved in the conflict.
Protests Against Barclays and Tesco:
Five protests will happen on April 26 in key areas of London. The Palestine Solidarity Campaign (PSC) is organizing them. The PSC has asked Barclays and Tesco customers to close their accounts. The protests target the banks’ financial ties with defense firms that provide weapons to Israel.
The PSC claims that Barclays works with nine companies that sell arms to Israel. Barclays, which acquired Tesco Bank in November 2023, denies investing in these companies. However, Barclays does provide financial services to them.
Claims by the Palestine Solidarity Campaign:
The PSC claims Barclays gives £6.1 billion in financial services to companies that sell weapons to Israel. The group also states that Barclays acts as a “primary dealer” for Israeli government bonds. In 2024, the PSC said 5,000 people closed their Barclays accounts during mass account closure events.
The PSC has been campaigning since July 2022 for Barclays to end its involvement in Israel’s actions. As the bank has not responded, the PSC is now calling for a nationwide boycott.
Barclays’ Response:
Barclays responded to the protests by acknowledging the human suffering caused by the conflict. However, the bank said it is not its role to influence foreign policy. Barclays stated that governments should decide foreign policy and laws about arms delivery. The bank also said defense companies are crucial for national security in uncertain times.
The protests are part of a broader movement against banks with financial ties to Israel’s military. Barclays faced pressure last August over its involvement in Israeli bonds. Despite initial resistance, Barclays eventually joined other banks, including Goldman Sachs, JPMorgan Chase, and Deutsche Bank, in handling Israeli government debt.
Why Barclays and Tesco Are Targeted:
The Palestine Solidarity Campaign claims that both Barclays and Tesco have significant financial ties to defense firms that supply arms to Israel. The PSC believes cutting these financial links could disrupt the flow of funds to Israel. They hope their efforts will pressure the banks to rethink their relationships with these companies.
The Bigger Picture:
These protests are part of a global movement calling for accountability from companies connected to Israel’s military actions. Many activists believe financial institutions should be held responsible for supporting military violence. As the situation in Gaza evolves, these protests reflect growing frustration over the lack of action from companies.
