COUNCILS CASH IN ON TOBACCO; pounds 80m fag fund blow to smoking ban.Byline: FRANK HURLEY and MIKE MACEACHERAN COUNCILS preparing to enforce the Scottish Executive's public smoking ban are cashing-in on the tobacco trade. Their pension funds hold more than pounds 80million in tobacco industry shares. The funds of 21 councils hold a total of seven million shares in tobacco firms including Imperial, British American British Americans are Americans whose ancestry stems, either wholly or in part, from one of the four constituent nations of the United Kingdom. The term is seldom used by people to refer to themselves (less than 1% chose it in the 2000 census), and is used primarily as a and the Gallaher Group. By far the biggest investor in the smoking industries is the Strathclyde Pension Fund, which has 170,000 members based in 12 local authorities, including North Lanarkshire - which covers the Motherwell and Wishaw Motherwell and Wishaw (wĭsh`ô), town (1991 pop. 30,616), North Lanarkshire, S central Scotland. The two parts of the town were united in 1920. constituency of First Minister, Jack McConnell. Last week, Mr McConnell put his political future on the line after pledging to make the smoking ban a success. The First Minister is convinced the proposed ban would help combat Scotland's health woes and position as the "sick man of Europe The term "Sick man of Europe" is a nickname associated with a European country experiencing a time of economic difficulty and/or poverty. Origin The phrase "sick man of Europe" is commonly attributed to Tsar Nicholas I of Russia, referring to the Ottoman Empire, because ". Last night, professor Phil Hanlon, adviser to the Executive and director of the Public Health Institute of Scotland, said the councils should now withdraw their investment. He added: "To hold the double standard of investing money in tobacco companies while supporting a smoking ban is not acceptable. "The tobacco industry and health lobby are at odds. To invest in them is, in a sense, supporting the enemy." SNP SNP Scottish National Party Noun 1. SNP - (genetics) genetic variation in a DNA sequence that occurs when a single nucleotide in a genome is altered; SNPs are usually considered to be point mutations that have been evolutionarily Deputy health spokesman, Stewart Maxwell, said: "Clearly, if they have investments in tobacco companies they will be hoping that the profits of these firms grow. This is hypocritical." However, a spokesman for Mr McConnell last night said pension fund investment was a matter for the local authorities. CAPTION(S): BAN FAN: McConnell; BAN BID: |
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