LONDON, (Thomson Reuters Foundation) – A campaign to boost British businesses with a social mission has attracted major names, from banking to pharmaceuticals, but is far from its goal of channelling 1 billion pounds ($1.4 billion) into the sector by 2020, its founders said on Wednesday.
Pharmaceutical company Johnson & Johnson, consulting firm PwC and Santander bank have signed up to the Buy Social Corporate Challenge, launched in 2016 by Social Enterprise UK (SEUK), which represents the growing sector.
About a dozen companies participating in the scheme have spent a total of 45 million pounds over the last two years with organisations that aim to address social and environmental issues as well as making a profit, SEUK said on Wednesday.
“We need to recruit many, many, more companies to make the dream of a 1 billion pound spend with the sector a reality,” Peter Holbrook, SEUK’s head told the Thomson Reuters Foundation.
Britain is seen as a global leader in the innovative social enterprise sector, with about 70,000businesses that employ nearly 1 million people, according to SEUK.
One of the initiative’s aims is to demonstrate that businesses in any sector can buy from social enterprises, going beyond traditional conceptions of corporate social responsibility to include them in core business spending.
The insurance company Liverpool Victoria Friendly Society Ltd (LV=) announced on Wednesday that it was joining SEUK’s Buy Social Corporate Challenge.
As one of Britain’s biggest insurers, it said it spends about 1 billion pounds a year across its supply chain.
