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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Our union backed Brexit, but that doesn't mean scrapping freedom of movement

We can only improve the lives of our members, like those planning stike action at McDonalds, through solidarity.

The campaign to defend and extend free movement – highlighted by the launch of the Labour Campaign for Free Movement this month – is being seen in some circles as a back door strategy to re-run the EU referendum. If that was truly the case, then I don't think Unions like mine (the BFAWU) would be involved, especially as we campaigned to leave the EU ourselves.

In stark contrast to the rhetoric used by many sections of the Leave campaign, our argument wasn’t driven by fear and paranoia about migrant workers. A good number of the BFAWU’s membership is made up of workers not just from the EU, but from all corners of the world. They make a positive contribution to the industry that we represent. These people make a far larger and important contribution to our society and our communities than the wealthy Brexiteers, who sought to do nothing other than de-humanise them, cheered along by a rabid, right-wing press. 

Those who are calling for end to freedom of movement fail to realise that it’s people, rather than land and borders that makes the world we live in. Division works only in the interest of those that want to hold power, control, influence and wealth. Unfortunately, despite a rich history in terms of where division leads us, a good chunk of the UK population still falls for it. We believe that those who live and work here or in other countries should have their skills recognised and enjoy the same rights as those born in that country, including the democratic right to vote. 

Workers born outside of the UK contribute more than £328 million to the UK economy every day. Our NHS depends on their labour in order to keep it running; the leisure and hospitality industries depend on them in order to function; the food industry (including farming to a degree) is often propped up by their work.

The real architects of our misery and hardship reside in Westminster. It is they who introduced legislation designed to allow bosses to act with impunity and pay poverty wages. The only way we can really improve our lives is not as some would have you believe, by blaming other poor workers from other countries, it is through standing together in solidarity. By organising and combining that we become stronger as our fabulous members are showing through their decision to ballot for strike action in McDonalds.

Our members in McDonalds are both born in the UK and outside the UK, and where the bosses have separated groups of workers by pitting certain nationalities against each other, the workers organised have stood together and fought to win change for all, even organising themed social events to welcome each other in the face of the bosses ‘attempts to create divisions in the workplace.

Our union has held the long term view that we should have a planned economy with an ability to own and control the means of production. Our members saw the EU as a gravy train, working in the interests of wealthy elites and industrial scale tax avoidance. They felt that leaving the EU would give the UK the best opportunity to renationalise our key industries and begin a programme of manufacturing on a scale that would allow us to be self-sufficient and independent while enjoying solid trading relationships with other countries. Obviously, a key component in terms of facilitating this is continued freedom of movement.

Many of our members come from communities that voted to leave the EU. They are a reflection of real life that the movers and shakers in both the Leave and Remain campaigns took for granted. We weren’t surprised by the outcome of the EU referendum; after decades of politicians heaping blame on the EU for everything from the shape of fruit to personal hardship, what else could we possibly expect? However, we cannot allow migrant labour to remain as a political football to give succour to the prejudices of the uninformed. Given the same rights and freedoms as UK citizens, foreign workers have the ability to ensure that the UK actually makes a success of Brexit, one that benefits the many, rather than the few.

Ian Hodon is President of the Bakers and Allied Food Workers Union and founding signatory of the Labour Campaign for Free Movement.