Revealed: Ukraine war makes Lords members richer through arms investments

Open Democracy https://www.opendemocracy.net/en/dark-money-investigations/ukraine-war-uk-lords-richer-arms-investments-russia-bae-systems/

Tory peers are among five House of Lords members with investments of at least £50,000 in BAE Systems

Adam Bychawski
17 March 2022, 1.14pm

Debris carpets the ground outside a ten-storey apartment block that was shelled in Podilsky, Ukraine | Ukrinform / Alamy Stock Photo

Debris carpets the ground outside a ten-storey apartment block that was shelled in Podilsky, Ukraine | Ukrinform / Alamy Stock Photo
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Russia’s invasion of Ukraine has made members of the UK House of Lords tens of thousands of pounds richer through their investments in arms firms, openDemocracy has found.

Tory peers Lord Glendonbrook, Viscount Eccles and Lord Sassoon, and unaffiliated peers Lord Lupton and Lord Gadhia, each own shares of at least £50,000 in British weapons manufacturer BAE Systems, according to the official register of interests.

BAE Systems’ share price has risen by 23% since the war began nearly four weeks ago, meaning each peer’s investment is likely to be worth at least £11,500 more than it was.

The firm is Britain’s biggest arms seller and sixth in the world overall. All but four of the world’s 20 biggest sellers of weapons have seen their share prices soar since the invasion began, with German firm Rheinmetall up by more than 60% and Italy’s Leonardo up by more than 44%.

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