Virgin Money is teaming up 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 aim to “highlight the work” Virgin Money is currently undertaking to create social impact by promoting economic activity and sustainable practices to help establish a shared prosperity, all within the framework of 14 Levelling Up Goals.
The Goals, introduced in 2021 by ex- Education Secretary Rt Hon Justine Greening with feedback from local businesses, universities and key policymakers, are intended to offer an architecture that should help with addressing the challenges the nation faces in a post COVID environment.
They primarily focus on important life stages – from early years all the way through to adulthood, alongside other critical barriers like “fair” career progression and closing the digital divide – and highlight the issues that must be addressed to establish “a level playing field for everyone.”
The goals are considered to be first major piece of work by the Purpose Coalition, which reportedly includes some of the United Kingdom’s most “purpose-led” companies, universities and public sector organizations including businesses like 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, stated:
“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.”
James added
“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 remarked:
“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.”
Justine added that “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.” She also noted that those “who have access to cash and capital are much more likely to get on in life, compared to those who don’t.”
She further noted:
“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 organizations 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.”
She continued:
“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.”