CBI: Fairness & equality key to capital’s recovery post-Covid

Fairness and equality are key to London’s recovery post-Covid, confirmed the Confederation of Business Industry’s (CBI) London Business Survey.

The capital’s business leaders have set their sights on rebuilding a fairer, greener and more inclusive economy in the wake of the Covid-19 pandemic, despite 80% of firms in the capital experiencing an impact on output this year, according to the CBI. Its latest research reveals just how deeply coronavirus has bitten into London’s economy in 2020 and how much uncertainty remains within many businesses’ prospects for recovery.

The CBI London Business Survey, carried out in partnership with UCL and Travers Smith, draws together the views of nearly 200 of the capital’s business leaders, and covers topics including Brexit, Covid-19, sustainability and equality. The research also “gives grounds for longer-term optimism”, including a “clear commitment from businesses to bounce back with a focus on innovation, employee wellbeing, inclusivity, and pushing London towards its net-zero ambitions”.

FAIRNESS & EQUALITY NOW A BUSINESS PRIORITY

According to the survey, London business leaders’ immediate priorities include investing in innovation and technology (55%), supporting employees’ mental health and wellbeing (53%) and supporting new ways of working (51%). In the longer-term, improving diversity and inclusion (58%), developing or enhancing sustainability and net-zero strategies (53%) and supporting social mobility (45%) are the most common goals.

In fact, this year’s survey included a special focus on diversity and inclusion, painting a picture of a capital city with an awareness of the importance of fairness, and critically a determination to improve further. Only one in nine (12%) respondents said their company has not implemented a diversity and inclusivity strategy, and only one third (36%) has no employee networks. More than half (53%) pinpointed an area of diversity where they wanted to see improvement from their company, but felt they needed more support.

TIME TO TACKLE SYSTEMIC INEQUALITIES

The research also revealed that 81% of London business leaders believe the capital’s firms could do more to reduce inequality in society. Companies were also clear on the route towards implementing this change, with 61% stating they “believe government and business should work in equal partnership to reduce inequality across society”.

“Diversity and inclusion have long-been priorities for Travers Smith. It is clear from the findings of this survey that there is a real desire from businesses to develop fairer and more diverse communities accounting for everyone’s needs,” according to Kathleen Russ, Senior Partner at Travers Smith. 

“Tackling systemic inequalities and addressing the challenges facing under-represented and minority groups can feel like a monumental task. However, by working in partnership, the business community can take meaningful action towards creating a truly diverse and inclusive society,” explained Russ. “If we are able to do this, we will be invigorated by the huge potential of untapped talent across London and the innovation, creativity and profitability that comes with it.”

COVID & BREXIT IMPACT

Regarding the pandemic impact on business, four out of five respondents (80%) said their output had been impacted by the Covid-19 pandemic. Around 68% had yet to see trade return to normal (even before the second national lockdown) and 34% expected to still be operating below normal levels in a year. Companies operating in arts, entertainment and recreation face a tough outlook. In fact the majority (94%) of respondents from this sector have yet to see a recovery, and three quarters (75%) expect their business to still be suffering in 12 months’ time.

Regarding Brexit, almost one third of London’s business leaders (32%) are “unprepared for the impact of a possible no-deal Brexit”. Another 58% said Covid-19 had impeded their Brexit preparedness. A trade deal with the EU, including comprehensive services coverage, was a priority for London’s recovery with more firms (72%) than any other factor.

Commenting on the survey results, Jordan Cummins, CBI’s London Head of Policy, stated: “This has been a year like no other for London’s businesses. Even before the second lockdown, the pandemic has dampened demand and restricted operations. With firms also needing to meet the challenges of Brexit preparedness, the resilience and adaptability witnessed amid this adversity has been remarkable. While the economy is not out of the woods yet, the London Business Survey positively notes how businesses’ future focus extends beyond just the balance sheet. In short, it’s not just about getting things going again; it’s about capitalising on this unique opportunity to rethink how London operates, who for, and to form a new-look business landscape which spreads opportunity more widely.”

TACKLING INEQUALITY A KEY PRIORITY

Despite the immense challenges businesses have faced this year, the findings of the survey clearly demonstrate “that the business community views tackling inequality in society as a key priority and of upmost importance as we look to ‘build forward better’,” noted Siobhan Morris, UCL’s Head of Programmes, Grand Challenge of Justice & Equality. 

“To do so, and effect change in tackling structural inequalities, requires working in partnership and forming alliances across all sectors of society. To ensure progress, it is critical that inclusive interventions are underpinned by intersectional analysis of data and that policies take into account the complexity and lived experience of inequalities. With such an approach, steps can be taken towards a fairer, more inclusive society,” she added.

This study echoes the findings of research reported on just a few days ago, which revealed that values such as fairness, kindness, ethics, justice and diversity are fundamental attributes for employers today. Click here to read more.