Barclays has stepped back as a sponsor of Latitude Festival after bands boycotted the event in protest of the bank’s ties to defence companies supplying Israel and fossil fuel firms.

In recent weeks several artists including CMAT, Pillow Queens and Mui Zyu have pulled out of the festival at Henham Park due to the bank's involvement. 

A spokesperson for Live Nation, which organises the festival, said: “Following discussion with artists, we have agreed with Barclays that they will step back from sponsorship of our festivals.”

Ciara Mary-Alice Thompson, known as CMATCiara Mary-Alice Thompson, known as CMAT (Image: Isabel Infantes/PA)

The bank had previously signed a five-year sponsorship with the organiser which also runs Download Festival and Isle of Wight Festival. 

Irish singer CMAT was among the largest names to pull out of Latitude, which runs from July 25 to July 28, writing on Instagram she said: "I will not allow my precious work, my music, which I love so much, to get into bed with violence."

Musicians including, Pillow Queens, Mui Zyu and comedians Joanne McNally, Sophie Duker and Grace Campbell were also among the acts boycotting.

It is not yet known if these acts will now perform. 

A spokesman for Barclays said: "Barclays was asked and has agreed to suspend participation in the remaining Live Nation festivals in 2024".

Barclays has been targeted by pro-Palestine campaigners in recent months, with protesters smashing windows and chucking paint over dozens of the bank’s branches.

In a statement posted online, the bank said: “We trade in shares of listed companies in response to client instruction or demand and that may result in us holding shares.

“Whilst we provide financial services to these companies, we are not making investments for Barclays and Barclays is not a ‘shareholder’ or ‘investor’ in that sense in relation to these companies.”