Will the City take any lessons from the Games?

The world of finance isn't exactly filled with role models.

With a record-breaking number of golds, London has learnt a key lesson from the Olympics: how to be proud of ambition and success - for the right reasons.

The Games have not just shone a spotlight on sport. London 2012 has made many of us ask ourselves what it is about our own professional or personal lives that we can be truly proud of.

Some say that the pressure to deliver and exceed expectations at the highest level has made our athletes rise to the occasion. We can all learn from them – and nowhere is this lesson more clearly understood than in the Square Mile, where on many desks Olympic screens stood alongside dealing screens.

Allegations of laundering money or fixing rates are just the most recent furores to obscure the City’s reputation. Add in questions over bonuses and concerns about the economic downturn, and is it surprising that some people perceive the City as selfish, self-absorbed, and arrogant? Not exactly role-model material.

Can the City draw on the feel-good factor of the Games?  There is a proper desire among financial services workers to rebuild trust and confidence in the City and what it does. And what is most striking is that some of this work – like that of our Olympians - is pioneered by a new generation. In sport it’s been a whole new parade of heroes; in the City’s case it has also often been young professionals who are keen to inspire others to think and do differently.

Clearly things are changing at all levels of the City - and the autumn will bring clearer evidence of this. But among City workers in their first or second job, one powerful driver of personal change is a new approach to charitable giving. Young bankers, accountants and lawyers are meeting at film events, bars or restaurants, and getting involved in projects and the giving money through crowd-funding pledges from as little as £100 a go – but stretching upwards to much more.

In doing so they are not only delivering social benefits to worthy organisations, they are also developing their own moral compasses – and seeing how they can achieve more than mere financial rewards.

The big change has been that while philanthropy was traditionally perceived as being for those who have retired from a successful career in the City, increasingly a new generation of charitable-givers is embedding the practice throughout their whole career.

With a new initiative, City Philanthropy – A Wealth of Opportunity, which involves the City Funding Network, the City of London Corporation’s City Bridge Trust, and Philanthropy UK, I believe the City is reaching out to create a new climate of giving to deliver social good.

Harnessing the same spirit that has brought us together in the Games, this campaign seeks to create a real step-change in City culture. Philanthropy’s social benefits to beneficiaries are well known – but what is new is the appeal to young city workers of such a meaningful activity which they can embrace throughout their careers. Coming together in this way, young philanthropists can make a real impact – not only through a wealth transfer, but also by fostering a deeper awareness of personal responsibility among City workers.

Clearly changes in the law and its enforcement, in the leadership of banks, and in the process for incentivising effort are all either underway or on their way soon.

But inspiring the next generation in the City to involve themselves in philanthrophy is also part of the answer – and therefore to be welcomed - not just for the success of Europe’s financial hub, but also for the economic and social wellbeing of London and the UK as a whole.

If the Olympics are about anything they are about striving for excellence through effort and with a clear focus on the outcome desired. They are also, famously, about taking part - because of the effect that taking part has on the individual.

Philanthrophy – a good Greek word meaning the love of fellow man – is also about taking part. Taking our part in what it means to be fully a member of the only squad that really counts: Team Human Race.

Tower Bridge. Photograph: Getty Images

David Wootton is the Lord Mayor of the City of London

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David Osland: “Corbyn is actually Labour’s only chance”

The veteran Labour activist on the release of his new pamphlet, How to Select or Reselect Your MP, which lays out the current Labour party rules for reselecting an MP.

Veteran left-wing Labour activist David Osland, a member of the national committee of the Labour Representation Committee and a former news editor of left magazine Tribune, has written a pamphlet intended for Labour members, explaining how the process of selecting Labour MPs works.

Published by Spokesman Books next week (advance copies are available at Nottingham’s Five Leaves bookshop), the short guide, entitled “How to Select or Reselect Your MP”, is entertaining and well-written, and its introduction, which goes into reasoning for selecting a new MP and some strategy, as well as its historical appendix, make it interesting reading even for those who are not members of the Labour party. Although I am a constituency Labour party secretary (writing here in an expressly personal capacity), I am still learning the Party’s complex rulebook; I passed this new guide to a local rules-boffin member, who is an avowed Owen Smith supporter, to evaluate whether its description of procedures is accurate. “It’s actually quite a useful pamphlet,” he said, although he had a few minor quibbles.

Osland, who calls himself a “strong, but not uncritical” Corbyn supporter, carefully admonishes readers not to embark on a campaign of mass deselections, but to get involved and active in their local branches, and to think carefully about Labour’s election fortunes; safe seats might be better candidates for a reselection campaign than Labour marginals. After a weak performance by Owen Smith in last night’s Glasgow debate and a call for Jeremy Corbyn to toughen up against opponents by ex Norwich MP Ian Gibson, an old ally, this pamphlet – named after a 1981 work by ex-Tribune editor Chris Mullin, who would later go on to be a junior minister under Blai – seems incredibly timely.

I spoke to Osland on the telephone yesterday.

Why did you decide to put this pamphlet together now?

I think it’s certainly an idea that’s circulating in the Labour left, after the experience with Corbyn as leader, and the reaction of the right. It’s a debate that people have hinted at; people like Rhea Wolfson have said that we need to be having a conversation about it, and I’d like to kickstart that conversation here.

For me personally it’s been a lifelong fascination – I was politically formed in the early Eighties, when mandatory reselection was Bennite orthodoxy and I’ve never personally altered my belief in that. I accept that the situation has changed, so what the Labour left is calling for at the moment, so I see this as a sensible contribution to the debate.

I wonder why selection and reselection are such an important focus? One could ask, isn’t it better to meet with sitting MPs and see if one can persuade them?

I’m not calling for the “deselect this person, deselect that person” rhetoric that you sometimes see on Twitter; you shouldn’t deselect an MP purely because they disagree with Corbyn, in a fair-minded way, but it’s fair to ask what are guys who are found to be be beating their wives or crossing picket lines doing sitting as our MPs? Where Labour MPs publicly have threatened to leave the party, as some have been doing, perhaps they don’t value their Labour involvement.

So to you it’s very much not a broad tool, but a tool to be used a specific way, such as when an MP has engaged in misconduct?

I think you do have to take it case by case. It would be silly to deselect the lot, as some people argue.

In terms of bringing the party to the left, or reforming party democracy, what role do you think reselection plays?

It’s a basic matter of accountability, isn’t it? People are standing as Labour candidates – they should have the confidence and backing of their constituency parties.

Do you think what it means to be a Labour member has changed since Corbyn?

Of course the Labour party has changed in the past year, as anyone who was around in the Blair, Brown, Miliband era will tell you. It’s a completely transformed party.

Will there be a strong reaction to the release of this pamphlet from Corbyn’s opponents?

Because the main aim is to set out the rules as they stand, I don’t see how there can be – if you want to use the rules, this is how to go about it. I explicitly spelled out that it’s a level playing field – if your Corbyn supporting MP doesn’t meet the expectations of the constituency party, then she or he is just as subject to a challenge.

What do you think of the new spate of suspensions and exclusions of some people who have just joined the party, and of other people, including Ronnie Draper, the General Secretary of the Bakers’ Union, who have been around for many years?

It’s clear that the Labour party machinery is playing hardball in this election, right from the start, with the freeze date and in the way they set up the registered supporters scheme, with the £25 buy in – they’re doing everything they can to influence this election unfairly. Whether they will succeed is an open question – they will if they can get away with it.

I’ve been seeing comments on social media from people who seem quite disheartened on the Corbyn side, who feel that there’s a chance that Smith might win through a war of attrition.

Looks like a Corbyn win to me, but the gerrymandering is so extensive that a Smith win isn’t ruled out.

You’ve been in the party for quite a few years, do you think there are echoes of past events, like the push for Bennite candidates and the takeover from Foot by Kinnock?

I was around last time – it was dirty and nasty at times. Despite the narrative being put out by the Labour right that it was all about Militant bully boys and intimidation by the left, my experience as a young Bennite in Tower Hamlets Labour Party, a very old traditional right wing Labour party, the intimidation was going the other way. It was an ugly time – physical threats, people shaping up to each other at meetings. It was nasty. Its nasty in a different way now, in a social media way. Can you compare the two? Some foul things happened in that time – perhaps worse in terms of physical intimidation – but you didn’t have the social media.

There are people who say the Labour Party is poised for a split – here in Plymouth (where we don’t have a Labour MP), I’m seeing comments from both sides that emphasise that after this leadership election we need to unite to fight the Tories. What do you think will happen?

I really hope a split can be avoided, but we’re a long way down the road towards a split. The sheer extent of the bad blood – the fact that the right have been openly talking about it – a number of newspaper articles about them lining up backing from wealthy donors, operating separately as a parliamentary group, then they pretend that butter wouldn’t melt in their mouths, and that they’re not talking about a split. Of course they are. Can we stop the kamikazes from doing what they’re plotting to do? I don’t know, I hope so.

How would we stop them?

We can’t, can we? If they have the financial backing, if they lose this leadership contest, there’s no doubt that some will try. I’m old enough to remember the launch of the SDP, let’s not rule it out happening again.

We’ve talked mostly about the membership. But is Corbynism a strategy to win elections?

With the new electoral registration rules already introduced, the coming boundary changes, and the loss of Scotland thanks to decades of New Labour neglect, it will be uphill struggle for Labour to win in 2020 or whenever the next election is, under any leadership.

I still think Corbyn is Labour’s best chance. Any form of continuity leadership from the past would see the Midlands and north fall to Ukip in the same way Scotland fell to the SNP. Corbyn is actually Labour’s only chance.

Margaret Corvid is a writer, activist and professional dominatrix living in the south west.