Agenda item

Report of the Director of Economic Development.

The Committee considered a report of the Director of Economic Development proposing the City Corporation run a campaign in 2018/19 to encourage financial and professional services businesses in the Square Mile to pay the London Living Wage at £10.20 per hour.

A Member queried why the campaign was to be focused solely on financial and professional services companies and not the wider range of City businesses. Replying, the Director of Economic Development advised that, as this was the first time such a campaign had been attempted by the City Corporation, it had been deemed prudent to focus in the first instance on working with those sectors with whom the Corporation already enjoyed a close pre-existing relationship. In addition, given the high wages often paid by such businesses to some employees, it was felt that the campaign would have more weight and impact in this area. Should this initial campaign prove successful, a decision could be taken to expand the campaign more widely.

RESOLVED: That approval be given to:-

1.         Commencement of a business-facing London Living Wage campaign in 2018/19 with the aim of demonstrating the commercial and societal benefits of paying the London Living Wage.

2.         Part-funding of £15,000 for the London Living Wage Campaign to be met from the Committee’s Policy and Initiatives Fund for 2018/19 categorised as ‘Communities’ and charged to City’s Cash.