Read: Virgin Money Partners with Purpose Coalition on UK Levelling Up Impact Report
Virgin Money is partnering with the Purpose Coalition on a Levelling Up Impact Report, setting out its contribution to the levelling up agenda in the UK.
The Levelling Up Impact Report will highlight the work Virgin Money is already undertaking to deliver social impact by encouraging economic activity and sustainable practices to help create a shared prosperity within the framework of 14 Levelling Up Goals.
The Goals, established this year by former Education Secretary Rt Hon Justine Greening with input from businesses, universities and policymakers, are designed to provide an architecture that will help tackle the challenges the country faces post Covid-19. They focus on key life stages - from early years through to adulthood, alongside other barriers such as fair career progression and closing the digital divide - and highlight the main issues that need to be resolved to create a level playing field for everyone.
The goals are the first major piece of work by the Purpose Coalition, which includes some of the UK’s most purpose-led businesses, universities and public sector organisations including , such as Amazon, bp, Gateley, Direct Line Group, the BBC, UK Power Networks, University Hospitals Birmingham NHS Foundation Trust and University of Bradford.
James Peirson, General Counsel and Purpose Officer, Virgin Money, said: “This is a great opportunity for us to work with the Purpose Coalition to bring to life our work on purpose and not just to get independent validation for what we are delivering strongly on, but also feedback on what we might want to do to get to the next level.
“We’ve already made good progress on a number of areas and this partnership will help us create a framework to map best practice, track progress and ensure a maximum and measurable impact for our colleagues, customers and the communities we serve.”
Justine Greening added: “Financial inclusion is fundamental to the levelling up agenda and that is why Levelling Up Goal 7 - widening access to responsible credit and closing the savings gap - is so important.
If someone is trapped in debt or unable to access capital, they will face a barrier to opportunity no matter how much talent they have.
Managing money and getting the right advice to do that effectively can make a huge difference to people being able to make the most of their potential. Those who have access to cash and capital are much more likely to get on in life, compared to those who don’t.
“As a leading banking business, and one with its own unique ethos, Virgin Money is in a key position to lead on the levelling up agenda and the social impact that it can bring to its customers, colleagues and communities. Society now expects higher standards from the organisations they work for or do business with and there is increasing evidence that having an identifiable purpose makes good business sense and delivers better outcomes.
“Virgin Money has a clear idea of what it wants to achieve and its determined approach to tackling the poverty premium is already making a difference. With its Levelling Up Impact Report, it is demonstrating its commitment to go even further as part of a wider effort to level up the country and close the opportunity gap.”
