Barclays should stop hiding behind the music after the music festival was cancelled

Barclays has been urged to “stand behind the music and face it” after the bank ended its sponsorship of music festivals organised by Live Nation, including Download, Isle of Wight and Latitude.

The move followed the withdrawal of several actors from the events in protest against the bank’s investment ties to arms companies that trade with Israel.

Moreover, this comes just weeks after investment firm Baillie Gifford ended its sponsorship of the Stratford Literary Festival after the sponsorship was targeted by activists over alleged links to fossil fuel companies and Israel.

Artists such as country singer CMAT, metal band Ithaca and comedian Joanne McNally have all canceled their scheduled appearances at Live Nation events this summer.

In return or through sponsorship, the bank understandably supports the implementation of the events with six-figure sums.

Areeba Hamid, co-chief executive of Greenpeace UK, said: “Live Nation did the right thing by withdrawing their Barclays sponsorship. It’s time Barclays stopped hiding behind the music and embraced it.”

“This bank is the largest financier of fossil fuels in Europe and has financed billions of pounds worth of oil and gas. Now it is being linked to arms companies involved in the Gaza conflict.

“By putting an end to greenwashing, festival organisers are sending a clear message to Barclays that it is time to take responsibility for the destructive industries they fund.”

The bank has signed a five-year sponsorship agreement with Live Nation that runs until 2023. It is assumed that the suspension will not apply for the entire term of the agreement.

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A Live Nation spokesman said: “After discussions with artists, we have agreed with Barclays that they will withdraw from sponsorship of our festivals.”

The withdrawal of sponsorship follows a boycott by more than 100 artists of the Great Escape Festival in Brighton in May due to the event’s links to Barclays.

Angry activists claim that the bank is increasing its investments in arms companies that trade with Israel in light of the ongoing Gaza war.

A Barclays spokesperson told the BBC: “Barclays has been asked to suspend participation in the remaining Live Nation festivals in 2024 and has agreed.

“Barclays customers who hold tickets to these festivals will not be affected and their tickets will remain valid. The protesters want Barclays to relieve banks of their debts to arms companies. We remain committed to this sector as it is an essential part of the security of this country and our allies.”

Barclays added that the protests had led to intimidation of staff and vandalism in branches.

“The only thing this small group of activists will achieve is to weaken the fundamental support for cultural events enjoyed by millions of people,” they added.

“It is time for leading representatives from politics, business, science and the arts to come together to oppose this.”

Barclays is also facing calls for financial support for fracking to be stopped Companies.