Lord Jim Knight of Weymouth | Speech to the House of Lords on Wednesday 10th March
Work is the thread that connects the state and markets, government and companies, public policy and private investment. By disrupting the world of work, the pandemic has forced us to re-examine the value of work. IFOW research shows that focusing on good work is the best way to align health, social and economic interests, and builds resilience to shocks. Good work should be at the centre of rebuilding strong, resilient economies across the country.
The Financial Services Bill, which is the first part of a wholesale rethinking of financial regulation post-Brexit, offers a valuable opportunity to embed the principles of good work for the future.
In response, Chair of the the IFOW Founder's Circle Lord Robin Hodgson, and Future of Work Commissioner Lord Jim Knight have tabled an amendment to the Financial Services Bill that would require financial services regulators to consider the impacts of regulation on good work through their activities. The purpose of the amendment is to ensure that organisations providing financial services understand and give due weight to the importance of creating sustainable, good work across the United Kingdom. It raises the profile of 'good work' for both ESG impact investors and the Government's plans for recovery. The Minister thanked Lord Hodgson for tabling the amendment and directing his, and the Committees attention to a set of issues that lie at the heart of the agenda for social justice in the workplace. On record, the Minister acknowledged the connection between work quality, employee wellbeing and national prosperity.
The amendment was drafted by IFOW Director Anna Thomas, and is founded on the principles of Good Work in the IFOW Good Work Charter.
A blog explaining the need for investors to consider good work can be found here. Follow these links to to the view the speeches by Lord Hodgson and Lord Knight.