Latitude, Download and Isle of Wight festivals no longer sponsored by Barclays

Published

1 year ago

June 14, 2024

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Barclays will no longer sponsor Latitude, Download or Isle of Wight festivals after musicians and comedians dropped out in protest over the bank’s ties to the Israel-Hamas war.

Live Nation, the concert promoter, told Sky News: “Following discussion with artists, we have agreed with Barclays that they will step back from sponsorship of our festivals.”

Upcoming Live Nation festivals across the UK this summer include Latitude, Download and the Isle of Wight.

Barclays signed a five-year sponsorship deal with Live Nation in 2023. It’s not clear if the suspension will apply to all events up to 2028.

Comedians Joanne McNally, Sophie Duker, Grace Campbell, and Alexandra Haddow all announced they would be boycotting Latitude Festival last week.

Musicians including CMAT, Pillow Queens, Mui Zyu, and Georgia Ruth had also pulled out of the event.

Download Festival, which comes to Donington Park, Leicestershire this weekend, had seen acts including Pest Control, Ithaca, Scowl, Speed and Zulu pull out, also over the festival’s sponsorship.

‘Facilitating genocide’

In a statement on Instagram, Pest Control wrote: “We will not take part in an event whose sponsor profits from facilitating a genocide”.

Meanwhile, Ithaca wrote on X: “Whilst we hate letting anyone down, this moment of solidarity sends a powerful message to the organisers about where the younger generation of bands stand”.

A spokesperson for Barclays told Sky News: “Barclays was asked and has agreed to suspend participation in the remaining Live Nation festivals in 2024”.

Barclays calls on ‘leaders’ to ‘stand united’ against activist pressure

Palestine Action, a group whose members attacked 20 of the bank branches across England and Scotland last week, has accused Barclays of having financial interests in both Israel’s weapons trade and fossil fuels.

The UK-based Palestine Solidarity Campaign has called for a general boycott of the bank, while the Palestinian-led Boycott, Divestment and Sanctions (BDS) movement has named Barclays as one of their “divestment and exclusion” targets.

Barclays’ statement went on: “The protestors’ agenda is to have Barclays debank defence companies which is a sector we remain committed to as an essential part of keeping this country and our allies safe.

“They have resorted to intimidating our staff, repeated vandalism of our branches and online harassment. The only thing that this small group of activists will achieve is to weaken essential support for cultural events enjoyed by millions.

“It is time that leaders across politics, business, academia and the arts stand united against this.”

Barclays has said while it provides financial services to “public companies that supply defence products to NATO and its allies” it does not directly invest in the firms.

Latitude Festival told Sky News: “Following discussion with artists, we have agreed with Barclays that they will step back from sponsorship of Latitude Festival”.

Comedians pull out en masse

Taskmaster star McNally, who had been set to close the Latitude Festival on Saturday wrote in an Instagram story last week: “I’m getting messages today about me performing at Latitude when it’s being sponsored by Barclays.

“I’m no longer doing Latitude. I was due to close the comedy tent on the Sunday night, but I pulled out last week.

“I’m on the old artwork but I haven’t been listed on the site since I pulled out a week ago.”

Comedian Duker had shared a photo of her at a previous Latitude Festival, and confirmed she would be boycotting the event.

She wrote: “I am committed to minimising my complicity in what I consider to be a pattern of abhorrent, unlawful violence”.

The 34-year-old comedian also said her pro-Palestinian stance “has gained me violent abuse, targeted pile-ons and death threats”.

Fellow comedian Grace Campbell, who is the daughter of Sir Tony Blair’s former spokesman Alastair Campbell, shared Duker’s post in an Instagram story, announcing she was also pulling out of the festival.

Meanwhile, comedian Alexandra Haddow said she too would no longer appear at Latitude, writing on Instagram: “I can’t in good conscience take the fee.”

In a post shared on her Instagram account last week, Irish singer-songwriter CMAT said she would boycott Latitude, writing: “I will not allow my precious work, my music, which I love so much, to get into bed with violence.”

Campaign groups celebrate victory

In response to the exodus of acts, Barclays previously defended its position, saying it recognised “the profound human suffering” caused by the Israel-Hamas war.

“We provide vital financial services to US, UK, and European public companies that supply defence products to NATO and its allies,” it said in a statement published online.

“Barclays does not directly invest in these companies. The defence sector is fundamental to our national security and the UK government has been clear that supporting defence companies is compatible with ESG considerations.

“Decisions on the implementation of arms embargos to other nations are the job of respective elected governments.”

Bands Boycott Barclays declares victory

In response to Barclays stepping away, campaign group Bands Boycott Barclays, which has been leading the protests, wrote on Instagram: “This is a victory for the Palestinian-led global BDS (Boycott, Divestment, Sanctions) movement.

“As musicians, we were horrified that our music festivals were partnered with Barclays, who are complicit in the genocide in Gaza through investment, loans and underwriting of arms companies supplying the Israeli military.

“Hundreds of artists have taken action this summer to make it clear that this is morally reprehensible, and we are glad we have been heard.

“Our demand to Barclays is simple: divest from the genocide, or face further boycotts. Boycotting Barclays, also Europe’s primary funder of fossil fuels, is the minimum we can do to call for change.”

Last month, more than 100 acts dropped out of The Great Escape Festival in Brighton and Hove due to its ties to Barclays.

Climate campaigners also welcomed the move to suspend the Barclaycard sponsorship.

‘Rotten bank’

Joanna Warrington at Fossil Free London said: “Barclays is a rotten bank: artists, brands, clients, and customers are all abandoning Barclays because of the billions Barclays is ploughing into fossil-fuel companies like Shell and Israeli arms companies dropping bombs on innocent Palestinian children.

“This won’t stop until Barclays stops funding destruction.”

Greenpeace UK’s co-executive director Areeba Hamid said: “This bank is the biggest fossil-fuel funder in Europe, bankrolling oil and gas to the tune of billions of pounds, and has now been linked to arms companies involved in the conflict in Gaza.

“By putting an end to the greenwashing, festival organisers are sending a clear signal to Barclays that it’s time they took responsibility for the destructive industries they fund.”

Festival sponsors face growing scrutiny

Barclays has confirmed that despite no longer being associated with the festivals, their customers with tickets will not be affected and their tickets will remain valid.

In a similar turn of events, Hay Festival dropped its sponsorship with investment management firm Baillie Gifford last month, after numerous celebrities pulled out due to the company’s links with fossil fuels and businesses linked to the Israeli defence industry.

Activist group Fossil Free Books urged high-profile figures to distance themselves from the literary event, which saw performers including comedian Nish Kumar, singer Charlotte Church and Labour MP Dawn Butler pull out.

While in March many artists refuse to play SXSW Festival in Austin, Texas, due to the event’s connections to the US army and weapons companies linked with the conflict.

Download Festival will be held in Donington Park, Leicestershire this weekend.

The Isle of Wight Festival will be held in Seaclose Park, Newport, between 20 – 23 June, headlined by The Prodigy, Pet Shop Boys and Green Day.

Tens of thousands of people are expected to attend Latitude Festival at Henham Park in Suffolk, held from the 25-29 July.

Business

Trump fires tariff threats at more nations as EU ‘ready for all scenarios’

Published

5 hours ago

July 9, 2025

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Trump fires tariff threats at more nations as EU 'ready for all scenarios'

Donald Trump has revealed a list of more nations set to face delayed ‘liberation day’ tariffs from 1 August.

He has threatened tariffs of 30% on Algeria, 25% on Brunei, 30% on Iraq, 30% on Libya, 25% on Moldova and 20% on the Philippines. Sri Lanka was later told it faced a 30% duty.

Letters setting out the planned rates – and warning against retaliation – are being sent to the leaders of each country.

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They were the latest to be informed of the president‘s plans after Japan and South Korea were among the first 14 nations to be told of the rates they must pay on their general exports to the US from 1 August.

The duties are on top of sectoral tariffs, covering areas such as steel and cars, already in place.

Mr Trump further warned, on Tuesday, that a 50% tariff rate on all copper imports to the US was looming.

He has also threatened a 200% rate on pharmaceuticals and is also expected to take aim at all imports of semiconductors too.

The European Union, America’s largest trading partner in combined trade, services and investment, is expected to get a letter within the next 48 hours unless further progress is made in continuing talks.

The bloc, which Mr Trump has previously claimed was created to “screw” the US, has been in negotiations with US officials for weeks and working to agree a UK-style truce by the end of the month.

The EU has retaliatory tariffs ready to deploy from 14 July but it is widely expected to delay them until such time that any heightened US duties are imposed.

It remains hopeful of a deal in the coming days but European Commission president Ursula von der Leyen told the European Parliament: “We stick to our principles, we defend our interests, we continue to work in good faith, and we get ready for all scenarios.”

While the UK’s so-called deal with Mr Trump is now in force, it remains unclear whether steelmakers will have to pay a 50% tariff rate, deployed by the US against the rest of the world, as some final details on an exemption are yet to be worked out.

The rate is currently 25%.

Business

Nvidia wins race to become first $4trn listed company

Published

8 hours ago

July 9, 2025

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Nvidia wins race to become first trn listed company

Nvidia has become the first stock market-listed company to achieve a value of $4trn.

Its share price rose by more than 2% at the market open on Wall Street to reach the milestone moment.

It was achieved just over a year since Nvidia overcame the $3trn barrier and overtook Apple, in market cap terms, in the process.

The AI-focused chipmaker has been the darling of Wall Street for many years.

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The value of its shares has risen by 409,825% since its market debut in 1999.

Its status has been cemented thanks to the rush for AI technology – suffering several wobbles along the way – but nothing significant when you refer to the percentage rise of the past 26 years.

The most recent pressures have come from the emergence of the low-cost chatbot DeepSeek and concerns for global AI demand as a result of Donald Trump’s trade war hitting growth.

Financial markets have been taking a more risk-on approach to the trade war since the delays to “liberation day” tariffs in April.

It’s explained by a market trend that’s become known as the TACO trade: Trump always chickens out.

It has helped US stock markets post new record highs in recent days.

The wave of optimism is down to the fact that the president is yet to follow through with the worst of his threatened tariffs on trading partners.

Corporations are also yet to report big hits to their earnings – a fact that is also propping up demand for shares.

If Mr Trump does go all-out in his trade war, as he has now threatened from 1 August, then that $4trn market value for Nvidia – and wider stock markets – could be short-lived, at least in the short term.

But market analysts believe Nvidia’s value has further to go.

Matt Britzman, senior equity analyst at Hargreaves Lansdown, said of its meteoric rise: “Once known for powering video games, NVIDIA has transformed into a foundational player in AI infrastructure.

“Its high-performance chips now drive everything from natural language processing to robotics, making them essential to training and deploying advanced AI models.

“Beyond hardware, its full-stack ecosystem – including software platforms and developer tools – helps companies scale AI quickly and efficiently. This end-to-end approach has positioned Nvidia as a cornerstone in a market where speed, scalability, and efficiency are critical.”

He added: “The key question is where it goes from here, and while it might seem strange for a company that’s just passed the $4trn mark, Nvidia still looks attractive.

“Growth is expected to slow, and it’s likely to lose some market share as competition and custom solutions ramp up. But trading at a relatively modest 32 times expected earnings, and over 50% top-line growth forecast this year, there’s still an attractive opportunity ahead.

“For investors, it remains a compelling way to gain exposure to the AI boom – not just as a participant, but as one of its architects.”

Business

Greater risk to UK economy following Trump’s tariffs, says Bank of England

Published

8 hours ago

July 9, 2025

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Greater risk to UK economy following Trump's tariffs, says Bank of England

The future of the UK economy is weaker and more uncertain due to President Trump’s tariffs and conflict in the Middle East, the Bank of England has said.

“The outlook for UK growth over the coming year is a little weaker and more uncertain,” the central bank said in its biannual health check of the UK’s financial system.

Economic and financial risks have increased since the last report was published in November, as global unpredictability continued after the announcement of country-specific tariffs on 2 April, the Bank’s Financial Stability Report said.

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These risks and uncertainty, as well as geopolitical tensions, like the wars in Ukraine and the Middle East, are “particularly relevant” to UK financial stability as an open economy with a large financial sector, it said.

Pressures on government borrowing costs are “still elevated” amid significant doubts over the global economic outlook.

Had a 90-day pause on tariffs not been announced, conditions could have worsened, the report added.

The chance of prices rising overall has also grown as tensions between Iran and Israel and the US threaten to push up energy prices.

Possible higher inflation in turn raises the prospect of more expensive borrowing from higher interest rates to bring down those price rises. This compounds the pressure on state borrowing costs.

Mortgages

Borrowing costs for about 40% of mortgage holders are set to become costlier over the next three years as households refix to more expensive deals, affecting 3.6 million households, the Bank said.

Many homes have not refixed their mortgage since interest rates began to rise in 2021, meaning the full impact of higher rates has yet to filter through.

Those looking to get on the property ladder got a boost as the Bank said lenders could issue more loans deemed to be risky, meaning people could be able to borrow more.

Financial institutions can now have 15% of their new mortgages deemed risky every year, up from the current 9.7%.

Riskier mortgages are those with a loan value above 4.5 times the borrower’s income.

Be ‘prepared for shocks’

Despite the global and domestic economy concerns, the outlook for UK household and business resilience remained “strong”, the Bank said.

Investors, however, were warned that there could be “sharp falls in risky asset prices”, which include shares and currencies.

If there are any vulnerabilities in non-bank lenders, it “could amplify such moves, potentially affecting the availability and cost of credit in the UK”.

“It is important that in their risk management, market participants [people involved in investing] are prepared for such shocks.”

The steep market reaction following the tariff announcements in April “highlights that the interconnectedness of global financial markets can mean stress from one market can move quickly to others,” the report said.

Overall, though, “household and corporate borrowers remain resilient”, the Bank concluded.