Baillie Gifford will no longer sponsor Borders and Cheltenham literature festivals

Investment management firm's links to Israel and fossil fuel sector put sponsorship deals under pressure

Cheltenham literature festival and the Borders book festival have become the latest to announce that they will no longer be working with the investment management firm Baillie Gifford.

The company had previously sponsored eight literary festivals and the UK's most prestigious nonfiction prize. However, after boycotts of the Hay festival because of Baillie Gifford's links to Israel and fossil fuel companies, the Powys-based event pulled out of the sponsorship deal.