14 February 2007
Charity chief Jeremy Swain has called on City firms to increase their contributions to organisations helping London’s homeless.
The Thames Reach Chief Executive welcomed the debate sparked off by comments from Cabinet Minister Peter Hain in the Sunday Telegraph that City high fliers should donate two thirds of their bonuses to charities and inner city regeneration.
The Minister, contender for the Labour deputy leadership, claimed that massive bonuses – £8.8 billion was handed out over the Christmas period – created a huge wealth gap in the capital and that there could be tax hikes or new legislation if the City did not curb these excessive payouts.
Jeremy Swain, speaking on BBC London, said: “I welcome Peter Hain’s interest in this issue. I am also appreciative of the support that many city firms provide to homelessness charities in the capital and I don’t want to lambast the corporate sector.
"Nonetheless, these recent bonuses do indicate a large disparity of wealth in the capital. A little bit extra from the city could go a very long way in the charity sector and help transform the lives of thousands of vulnerable people.
“We are calling on those who have earnt these large sums to put five per cent of their bonuses towards supporting homelessness charities in the capital.
"What to a high earner in the City is a small amount of money can make an enormous difference in the lives of homeless people – £50,000 could help keep a day centre for the homeless going for two years.
“Currently only five per cent of charity income comes from the corporate sector. If we can double that, we can make great strides to end the obscenity of people sleeping rough in the capital – sometimes in the doorways of the offices where the recipients of these bumper bonuses work.”
