The UK’s economic growth is lagging behind most G7 economies, while our income inequality is one of the highest, along with our regional inequality.
We need to grow our economy, but we need to do so in a way that is shared by communities across the country, including by the businesses that have helped to drive it.
By encouraging businesses to think beyond profit alone, we can harness the trillions of pounds they inject into the economy to help create transformational social, environmental and economic impact in our communities.
Importantly, we need mechanisms to drive that behaviour change. Measuring and tracking the social, economic and environmental impact of how we spend our money is one way that we can achieve this.
Using these insights to shape government procurement decisions, worth over £300bn a year and equivalent to 13% of UK GDP, is another lever that we can pull to encourage business to think long term. We must build on the demand that already exists for businesses to embed purpose beyond profit.
Unlocking social value through trust and transparency
Consumers, governments and investors are increasingly looking to support businesses that align with their values and, in our hyper-connected modern world, there is a growing expectation that all things should be knowable and transparent.
Too often, we see a myriad of different reporting metrics, statements and policies, resulting in a confusing landscape that leaves governments and consumers asking the question – “are we really getting the social value that’s being claimed?”
To overcome this challenge, and create a clear pathway for the future, it is imperative for businesses to deliver greater levels of transparency. This is especially true when it comes to assurances on social responsibility, sustainability and traceability.
Transparency cannot be achieved without trusted data. Around 2.5 quintillion bytes worth of data are generated each day and when harnessed effectively, this data can transform the way people work and live, acting as a powerful catalyst to drive lasting, positive change.
At GS1 UK, we have an active role to play in delivering the traceability and data sharing infrastructure that will enable businesses to unlock social value and allow consumers to make more informed choices.
That is why we have partnered with leading cross-party think tank Demos, to create a comprehensive picture of the challenges, opportunities and potential solutions associated with achieving this vision for social value.
