Time for the City to set an example on charity

Contrary to myth, City workers are neither insulated from, nor blind to, the effects of poverty.

London's financial hub neighbours some of the poorest areas in Europe, and I see the realities of the economic climate every day — not just from City windows but also up close in the East End, the site of much of my professional work in regeneration. City workers, of course, are well paid (and taxed) but many give their money and time to all kinds of community causes.

Building a bridge between these good earnings and those who need support is an essential part of any civilised community, and the Prime Minister's "Big Society" initiative is a way of strengthening — and broadening — that bridge.

Like the City bridges across the Thames, it's much more than just a "nice to have" — it's an essential lifeline. We have a moral obligation to lead the way in connecting with and helping the most vulnerable in society, and the City must set an example.

Dick Whittington is seen as a piece of Christmas pantomime — but the real Richard Whittington, City merchant, won his good name as a practical philanthropist, establishing a hospital for unmarried mothers and financing the first flushing toilets in a London where dirt meant death.

Ancient City livery companies that date back centuries work today to train youngsters in a trade and give tens of millions of pounds every year to education — while the City of London Corporation's own City Bridge Trust fund not only maintains our five Thames bridges at no cost to taxpayers but also gives £15 million every year to London causes. The total since it started its expanded charitable role in 1995 is now approaching £250 million.

My own Lord Mayor's Appeal benefits Coram, the pioneering children's charity based on Captain Coram's philanthropy, and Red R, the charity that helps when disaster strikes across the world by co-ordinating expert volunteers from the engineering and construction industry.

But as the new Lord Mayor, I want to revive this centuries-old tradition of working to improve the lives of those most in need. I want the City of London to build a new movement of philanthropists, in which each and every one of us has a role to play.

That means expanding the work we do to support disadvantaged youngsters in inner-city areas and, through our charitable arm the City Bridge Trust, continuing to fund a diverse range of causes to improve the lives of those most disadvantaged. It means pioneering new ways of giving, such as through our support for Philanthropy UK, and exploring ways to open up philanthropy so that it is not just perceived to be something done by multi-billionaires such as Bill Gates.

This is the Big Society in practice, something the City of London has been doing for many years. But our efforts have not been enough, and we must do more.

Philanthropy must become a vocation of the many, not just the few. Of course, the super-rich and those with spare cash should and could give more, but we must show that philanthropy isn't just for those with bundles of money.

A true revolution in giving will involve everyone. That is why I raised the issue recently with the Prime Minister, and why the City of London will host a conference early next year in conjunction with Third Sector organisations to explore ways to make money go further. I want the City to act as an example to everyone, everywhere.

This isn't just about money: we all have something we can give.

The City of London must use its business head to promote a greater climate of philanthropy, and make the Square Mile a global hub of philanthropic activity.