I recently attended the launch of Virgin Money which has bought Northern Rock from the government. I have lobbied Ministers and raised the issue of the future of the Northern Rock Foundation in the Commons but a conversation at the launch makes me cautiously optimistic that we may help secure the future of a much valued and needed regional institution.
The charitable arm of the Rock has done fantastic work for over a decade, injecting over £200 million into charities and community projects across the Region. We sought ministerial reassurances about its future amid grave fears that it could be axed.
My parliamentary colleague from Newcastle Catherine McKinnell and I took the opportunity to take the issue direct to the boss, Richard Branson. After all shy bairns get nowt! Mr Branson told us candidly that he understood the regional importance of the Foundation before his visit but had been personally impressed by its practical achievements and its vital role in the region once he got here.
This gives more hope to those who rightly have come to depend on what the Foundation has been able to deliver.
It's too soon to know if Virgin Money will commit to the funding once enjoyed by the Foundation but I am encouraged by the apparent awareness of large companies such as Virgin Money that they should give something back to the community rather than just see regions like the North East as cost and profit centres.
Myself and colleagues will monitor developments in the hope that that Virgin Money will embrace a genuine partnership opportunity so that the Foundation continues its good work.
There are lessons for other companies from this. Opposition Leader Ed Miliband was lambasted last year when he highlighted the predatory rather than productive practices of some companies.
Other party leaders then realised that many people agreed with Ed Miliband and have followed suit.
There is an old pattern whereby visionary ideas are first mocked, ignored but then creep into policy.
The important issue is to make sure that policies follow the rhetoric. It is because we face tough times that large companies shouldn't for example fleece us on energy prices and rail fares or avoid taxes. Fairness is the foundation of a good society.
Newcastle Chronicle and Journal
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