The City of London is trying to counter its "male, pale and stale" image. Photo: Getty
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How the Square Mile could be an unexpected counter to our “Downton Abbey-style society”

After recent reports that Britain is "deeply elitist", the City of London insists that social mobility is being championed where you would least expect.

Hot the heels of the Social Mobility and Child Poverty Commission study which concluded that the UK is “deeply elitist”, the TUC’s Frances O’Grady has added that we are becoming a “Downton Abbey-style society”. These headline-grabbing comments make for depressing reading, but only tell part of the story. I firmly believe that momentum for social mobility is gathering pace in places people would least suspect.

The aforementioned study paints the picture that the top professions are occupied by the “male, pale and stale”. The financial Square Mile business district is of course not immune to such criticism, but some of the most exciting initiatives to engage young people from deprived backgrounds are, perhaps unexpectedly, happening in the City. Whether the motivation is altruism or just business sense, the City recognises its important role in developing and sourcing talent from some of London’s poorest communities.

Within the Square Mile, we are surrounded by London boroughs like Tower Hamlets where almost half the young people live below the poverty line. There is not only a social inclusion argument to be made, but our long-term economic sustainability is left vulnerable unless we improve diversity and cast the net wider in the search for talent.

Recent reports suggest we have a huge mountain to climb when it comes to levelling the playing field, but I’m reassured that there is the appetite for real change in the business sector. The most successful impact often occurs from multi-organisational partnerships, tackling the issue on a variety of fronts. More businesses need to work with schools to improve dramatically, the life chances of young people. Social mobility starts with young people actually envisaging themselves in top careers and having their expectations raised by teachers and business leaders.

Unfortunately, there are still too many young people who live in boroughs like Tower Hamlets who see the impressive City skyline from their bedroom windows but fail to realise the opportunities available for them. But I’m happy to say that every day I see and hear examples of this reality shifting. Firms like KPMG, our co-sponsors of the City Academy Hackney, provide one-to-one mentoring for the pupils to enhance their wider learning development. Schemes such as City Careers Open House, give local schools the opportunity to spend a day at a City-based organisation, including Bank of England, Eversheds, PricewaterhouseCooper and UBS. They meet employees and find out more about what a City career entails. Around 64% of participating students said the experience gave them much higher career aspirations.

Other established City firms like ING and Deutsche Bank are offering more paid internships to pupils from London’s poorest areas, drawing in a diverse range of talent not just attracting pupils who can afford to work for free. Lloyd’s of London championed a programme that reached 3,000 young people in Tower Hamlets – supporting students with literacy and numeracy, with the key aim of boosting employability from a young age. It also set up a bursary fund giving bright students from disadvantaged backgrounds access to finance (a common barrier to social mobility) to help with university living costs.

Businesses in the City and elsewhere are naturally concerned with hiring the best person for the job, but they have to get creative if they want the widest talent base. Withers LLP, a global law firm has just piloted an innovative work experience scheme. It targets young unemployed parents in Islington, an area with 15,000 households where no-one works. Opening up its doors to an often over-looked group has proved valuable all-round.

I’m confident that real change is pushing ahead in the City and beyond. If we want to maintain and develop our position as a global economic power, we need all our best players on the pitch. Social mobility is not just nice to have – it is an imperative.

Mark Boleat is the policy chairman of the City of London Corporation

Mark Boleat, Policy and Resources Chairman, City of London Corporation.

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Donald Trump vs Barack Obama: How the inauguration speeches compared

We compared the two presidents on trade, foreign affairs and climate change – so you (really, really) don't have to.

After watching Donald Trump's inaugural address, what better way to get rid of the last few dregs of hope than by comparing what he said with Barack Obama's address from 2009? 

Both thanked the previous President, with Trump calling the Obamas "magnificent", and pledged to reform Washington, but the comparison ended there. 

Here is what each of them said: 

On American jobs

Obama:

The state of our economy calls for action, bold and swift.  And we will act, not only to create new jobs, but to lay a new foundation for growth.  We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together.  We'll restore science to its rightful place, and wield technology's wonders to raise health care's quality and lower its cost.  We will harness the sun and the winds and the soil to fuel our cars and run our factories.  And we will transform our schools and colleges and universities to meet the demands of a new age.

Trump:

For many decades we've enriched foreign industry at the expense of American industry, subsidized the armies of other countries while allowing for the very sad depletion of our military.

One by one, the factories shuttered and left our shores with not even a thought about the millions and millions of American workers that were left behind.

Obama had a plan for growth. Trump just blames the rest of the world...

On global warming

Obama:

With old friends and former foes, we'll work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet.

Trump:

On the Middle East:

Obama:

To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect. To those leaders around the globe who seek to sow conflict, or blame their society's ills on the West, know that your people will judge you on what you can build, not what you destroy. 

Trump:

We will re-enforce old alliances and form new ones and unite the civilized world against radical Islamic terrorism, which we will eradicate completely from the face of the earth.

On “greatness”

Obama:

In reaffirming the greatness of our nation we understand that greatness is never a given. It must be earned.

Trump:

America will start winning again, winning like never before.

 

On trade

Obama:

This is the journey we continue today.  We remain the most prosperous, powerful nation on Earth.  Our workers are no less productive than when this crisis began.  Our minds are no less inventive, our goods and services no less needed than they were last week, or last month, or last year.  Our capacity remains undiminished.  

Trump:

We must protect our borders from the ravages of other countries making our product, stealing our companies and destroying our jobs.

Protection will lead to great prosperity and strength. I will fight for you with every breath in my body, and I will never ever let you down.

Stephanie Boland is digital assistant at the New Statesman. She tweets at @stephanieboland