This is why Babergh and Mid Suffolk, Green-led councils, continue to invest in Shell

A councillor has addressed why two Green-led councils have thousands of pounds invested in Shell.

During Thursday afternoon's county council budget debate, Cllr Matthew Hicks, the leader, claimed Babergh and Mid Suffolk councils, both currently led by a Green representative, were investing in oil and gas giant, Shell.

His comments followed similar claims he made during the last full council meeting in January when he stated Mid Suffolk council had 'just invested millions of pounds in Shell'.

On Thursday, Cllr Hicks, who is also a district councillor in Mid Suffolk, said: "I raise that because there's a pattern here — when you're in opposition you say a lot of things but when you become an administration it's harder to deliver on what you say."

According to a treasury management report published by Babergh and Mid Suffolk authorities in November last year, both councils hold a combined £4 million position in the Schroder Income Maximiser Fund, which includes a holding in Shell of around 3 per cent, equivalent to about £70,000 per council.

Cllr Andrew Stringer, leader of the county council's GLI opposition group and cabinet member in Mid Suffolk, addressed these claims by stressing it was a legacy investment made before the current administration took over.

Getting rid of it, he said, would have crystallized a £1.5 million loss.

Cllr Stringer added: "I would suggest it's sensible to keep that investment going until that loss is crystallized at a lower rate.

"That is sensible governance on a legacy investment, it is not a new Green council investing millions of pounds in Shell."