London, 14 October 2024 — Taxpayers Against Poverty (TAP) welcomes the recent government-organised investment summit in London as a promising step towards boosting investment in the UK economy. The summit, which brings together global business leaders, investors, and policymakers, underscores the potential to stimulate economic growth and job creation across the country.
While TAP acknowledges the value of foreign and domestic investment in driving economic development, the organisation urges the government to leverage this momentum to address the pressing issue of poverty that continues to affect 14 million of UK citizens.
Tom Burgess, Chair of TAP, stated, "We applaud the government for its efforts in attracting investment to the UK. However, it is essential that this initiative is inclusive and benefits the entire population, especially those who are struggling with poverty. Economic growth must go hand in hand with social responsibility. We believe that targeted policies, aimed at ensuring the benefits of this investment are widely shared, can make a significant difference in reducing poverty."
Taxpayers Against Poverty offers the following recommendations to ensure that the government’s investment agenda contributes directly to poverty reduction:
1. Living Wage and Fair Employment Standards: Encourage companies benefiting from new investments to adopt living wage policies and fair employment practices, ensuring that job creation is both sustainable and lifts workers out of poverty.
2. Affordable Housing Initiatives: Direct a portion of new investments towards developing affordable housing. With housing costs a major driver of poverty, increasing the availability of affordable homes is crucial for long-term economic stability.
3. Skills Development and Training: Invest in education and vocational training programmes that equip low-income individuals with the skills needed for emerging industries. Ensuring that those in poverty can access high-quality jobs will reduce inequality and increase social mobility.
4. Regional Investment: Prioritise investment in underdeveloped and economically disadvantaged regions to close the gap between prosperous cities and struggling areas. Investment should focus on building infrastructure, supporting small businesses, and creating local job opportunities.
5. Support for Small Businesses and Social Enterprises: Encourage investment in small businesses, especially those with a social purpose, by providing tax incentives and access to funding. Social enterprises that prioritize community benefits over profits can play a crucial role in reducing poverty.
Tom Burgess added: "Attracting investment is only the first step. The real challenge is ensuring that the benefits of that investment are shared equitably. By focusing on fair wages, affordable housing, and targeted support for struggling regions, the government can turn this investment summit into a meaningful opportunity to lift millions out of poverty.
Taxpayers Against Poverty remains committed to advocating for policies that promote both economic growth and social justice. We look forward to working with government leaders and the private sector to ensure that investment leads to a fairer, more prosperous future for all.”
For more information or to support TAP’s campaign for inclusive economic growth, visit www.taxpayersagainstpoverty.org.uk or contact us at contact@@taxpayersagainstpoverty.org.uk
Media Contact: Tom Burgess
Taxpayers Against Poverty
Taxpayers Against Poverty (TAP) is an independent advocacy group dedicated to tackling poverty, inequality, and social injustice in the UK through evidence-based policy recommendations, public campaigns, and community engagement.
This release highlights TAP's support for the investment summit while emphasising the need for poverty-reduction measures.
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