North East leaders champion ‘better business’

A North East business event has brought together industry leaders to explore how doing good for people and the planet can also drive long-term commercial success.

Hosted at the Utilita Arena Newcastle, the “Business for Good” breakfast briefing was jointly organised by B Corp-accredited law firm Square One Law and the CBI (Conferation of British Industry), the UK’s largest business organisation.

The event drew around 60 regional leaders to discuss how purpose-led business strategies can deliver social, environmental and economic benefits.

CBI chief executive Rain Newton-Smith joined Square One Law managing partner Gill Hunter to co-present the session, focusing on the themes of energy, equity and the environment. 

The discussion also explored how the Government’s environmental policies, investment in green energy and greater workplace equity can unlock regional growth.

Rain said: “I like the description of Colin Mayer of Oxford University, who said businesses should solve world problems profitably and not turn a profit from making those problems worse.

“The very concept of innovation is usually the recognition or identification of a problem and then a solution developed to overcome it – we just need to ensure that solution also impacts positively on people, the environment and infrastructure.”

Gill added: “I think there’s increasing acceptance that “profit” is not a dirty word. 

“But if I put my money into this project or business, I need to know what sort of positive impact it is going to have.

“It is a bit of a cliched view, but many see professional services as an industry just interested in how much money we can make. 

“However, we’re also interested in the positive impact that money can have, where is can be best invested and how it can deliver the largest impact.

“BCorp certification allowed us to re-examine how Square One Law operated, but fundamental to that change was changing our constitution to use business as a force for good. 

“Without that commitment, BCorp and our whole approach to how we operate as a business could never have worked.”

Delegates heard updates on issues shaping the upcoming Autumn Budget, including skills development, housing and infrastructure. 

Rain added: “To allow businesses to do more good, we need to see focus on areas like energy security and reassurance from the Government that it is committed to renewables. 

“More policies and incentives to switch to commercial EVs, seek energy from renewable sources and simple things like a commitment to help homes and business space lower energy costs, are needed.

“The Government secured a great deal of buy-in from its renewables policy, commitment to build more homes and release much-needed investment for UK infrastructure, but governing is hard and a changing international landscape, last year’s riots and a host of other issues have diverted attention away from those key policies that helped see this Government elected.

“I think a refocus and commitment to those areas would be welcomed and provide businesses with the certainty needed to invest and grow.”

The conversation also highlighted opportunities to strengthen the region’s future workforce by improving how the apprenticeship levy is used to support skills growth.

Rain added: “I think the levy can have a real impact in helping prepare our future workforce. 

“It is vital that it is reinvested in training and not just swallowed by the Treasury.

“Young people generally are passionate about the positive impacts businesses can make. 

“With the environment being a key driver, it is vital that companies demonstrate and promote how they have a positive impact and the measures they are taking to drive down carbon footprints.

“We are also doing a great deal of work with Gordon Brown on multibanks – currently if a business wants to donate something, it must pay VAT. 

“It is cheaper to burn products than give it away, and that’s just not right. Multibanks allow large firms to donate products and produce VAT-free, which can then be distributed to communities where it will do far more good than going into an incinerator.”

As the Budget approaches, the CBI continues to work with Government to ensure the priorities of North East businesses are heard and that purpose-driven growth remains central to future economic policy.

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