News & Views

With all manner of economic challenges facing individuals, business, and the country as a whole, I think there is value to be had in remembering the (perhaps less glamorous) virtues of consistency, and reminding one another that those who turn up consistently are the backbone of Britain.

Growth is the topic at the forefront of everyone's minds at the moment, from individuals to businesses, the UK economy to global industry. As the number one global financial centre, the City of London is at the heart of that discussion, epitomised in the Lord Mayor's 'Growth Unleashed' theme for this year.

The agenda is about "boosting the City to drive UK growth through a renewed spirit of ambition, innovative tech and our many communities". It notes that as a community, and as a country, we have the experience and talent to succeed, but it's imperative that we also create the conditions for growth by ensuring "people have the tools they need to innovate, and embrace the diverse communities that make the City unique."

To me, that means a number of things, both practical and ideological, from identifying questions and tensions around what good work looks like in a world replete with flexible and hybrid working, to a more holistic understanding of what we as individuals and as a society want from the world of work.

In the movie, Chariots of Fire, Eric Liddell famously says: "I believe God made me for a purpose - but He also made me fast. And when I run, I feel His pleasure", reflecting Liddell’s belief that his ability to run was a God given gift, and that the joy it gave him was divine.

There's a lot that we can take from that, but fundamentally it's about the power of trying our best, and the nobility that comes with having a purpose or a calling. For most of us, our calling is unlikely to result in an Olympic medal. However, in a TikTok age of instant gratification, I think that sometimes the beauty, satisfaction, and indeed nobility, that comes from working hard gets lost, or at the very least is not given appropriate reverence.

I have a couple of strands to this line of thinking. The first is about recognising the value of hard working individuals who go about doing a good job day in, day out. It's often not very glamorous - but it does have purpose. That continuity and commitment has enormous nobility to it, serving not only the individual, but their family, and society as a whole. We are all part of something more than ourselves, and even when you don't think your job has great moral purpose, if you do it well, it does.

The second thread is about the impact of that mindset, and how it helps us as individuals and as a society to thrive. It's about what you do with the rewards of that hard work.

A question of dignity

Work is a good and healthy activity. At its best, work is one of the things that gives us a sense of purpose, and if we have purpose in our lives, particularly in the spirit of service and human endeavour, it's more enriching and empowering than if we're just self-serving.

On a wider level, work underpins economic growth, but ethics are also inextricably linked to work and should be part of its foundation. Commitment and work give us a sense of shared and individual responsibility, achievement, and perhaps sometimes humility as well. Furthermore, it enables us individually and collectively to help other people, providing the bedrock for generosity.

At the moment we have something of a societal habit for living in the moment. If, as a nation, we borrow too much money, we push today’s problems onto future generations. However, If we believe we have dignity, then we must also believe that future generations do as well, and we have a responsibility to them.

I think these are all things that are embodied in the nobility of work.

The beginning of ethics

My friend Rev. Dr. Richard Turnbull, formerly the Principal of Wycliffe Hall, Oxford, and now the director of the Centre for Enterprise, Markets and Ethics, where I am on the Advisory Board, puts it better than I, saying:

"The idea of a vocation and a call to work is very important because it implies two things. Firstly, that there's a purpose behind work - it has an intrinsic value as well as an instrumental purpose. We all understand that we need to earn to look after ourselves, but it’s also a purpose, and that purpose carries an equality. It doesn’t matter if you’re called to be Lord Mayor of London or a Birmingham bin man, there’s a fundamental point that a calling is a calling. It doesn’t mean that you will be paid the same, but there’s equal purpose and value, both contributing to society. The other really important point is that vocation is the beginning of ethics and a lack of vocation is the end of ethics. If you go to work and your only purpose is to put food on the table then you’re not going to care about how it’s conducted."

The Centre for Enterprise, Markets and Ethics describes its aim as being to:

“Argue the case for an economy that generates wealth, employment, innovation and enterprise within a framework of calling, integrity, values and ethical behaviour, leading to the transformation of the business enterprise and contributing to the relief of poverty.”

I think there's a lot in this. I believe that work is a good thing, but affluence can often be judged unpleasantly and that needs to be reframed. For most of us, what we want from affluence is fairly modest - we want to look after our loved ones and ourselves, to feel safe, and hopefully have a nice time as well. Part of achieving that is not just about the financial remuneration we receive, but the knowledge that we have earned it by committing to something and doing a good job along the way.

The nobility of work

There's a quote attributed to Admiral William H. McRaven, a retired United States Navy four-star admiral, that goes: "If you want to change the world, start off by making your bed". I like that it recognises that small actions and daily habits are the foundation for big achievements and a more fulfilling life.

We talk a lot in the modern world about mental wellbeing, and that often hinges on the need for time away from responsibility. Sometimes that’s appropriate. More often than not, however, I have found that one of the best things for mental wellbeing is routine. Going through the motions of getting up, making the bed, cleaning your teeth, getting dressed, and turning up to work provides the framework for a sense of purpose and achievement, however humble it seems.

That said, Richard highlights the responsibility that employers have to their team members: "Regarding the nature of work, some people might say it’s all very well for professionals to be called to work that they enjoy, but what if it’s all drudgery and repetitive tasks? There’s a debate around ‘good work’ and the design of work, and as a society we need to do what we can to encourage good work in which all people can be supported."

Earn all you can, save all you can, and give all you can

I try to live my life in accordance with theologian John Wesley's famous exhortation that one should "earn all you can, save all you can, and give all you can." I have found that mantra to be an endlessly valuable guide, helping me personally to navigate a consistent course and to keep me accountable to my own core values.

• Earn all you can recognises the purpose in work
• Save all you can encourages us to nurture a sense of prudence and personal responsibility
• Give all you can speaks to the responsibilities that come with the privilege of having wealth in whatever form

The order of this trinity is also important - it is of the ‘put on your own oxygen mask first’ mindset, and recognises that you can’t help others if you’re not on a sure footing yourself. That too is our responsibility as individuals if we’re lucky enough to be able to support ourselves.

Earn all you can

‘Earn all you can’ is a shorthand for self-motivation to participate in growth, but it is not just about individuals. On a national scale there is a need for growth, but for that to occur we need to be self-starting; we can't rely on others to deliver it for us, and must tap into the entrepreneurial spirit that has always been such a defining characteristic of the UK, and remains so with its 5.5 million SMEs.

Save all you can

I have written before about the UK savings ratio, which is generally amongst the lowest in the OECD. On a positive note, that seems to be on the rise, having decreased to 6.6% in the second quarter of 2022, it rose to 11.1% in the first quarter of 2024. In real terms however, last year, Money.co.uk wrote that the "mean average amount of money held in a UK savings account is £17,365", but that "up to a third (34%) of adults had either no savings (or less than £1,000) in a savings account", and "almost two-thirds (65%) of people believe they wouldn’t be able to last three months without borrowing money."

Saving is about our ability to put funds aside consistently. We know how hard that has been for people in recent years, but supporting individuals to be able to do so a little and often is one of the fundamentals of fiscal responsibility. This year we have seen a kaleidoscope of economic activities that have impacted both the stock market and peoples’ savings. It’s a reminder that despite the immediacy of modern culture and its dependency on credit, we have to understand not everything is for today. It’s at times like these that the need for a steady hand and a consistent approach to savings and investment remains more important than ever, focusing on established markets and platforms rather than defaulting in panic to perceived quick fixes and the proverbial Wild West of untested markets.

Give all you can

There is joy and privilege in giving and supporting those around us when we can. It serves us to remember that we do not exist in a vacuum, and we do have a responsibility to one another - therein we create a better society for all. The idea of saving 10% of your income and giving 10% of it, is the stuff of ancient wisdom. Of course, sometimes life throws curveballs and challenges that mean those figures change, and that’s ok - they might be an aspirational target or an intentional plan. It's also important not to be binary about it. If you are experiencing a period of difficulty and you need to scale it back, then do so, but even at 1%, it’s maintaining the discipline that makes a difference in the long-term.

Slow and steady wins the race

The danger in the instant gratification culture we live in, is that there’s an expectation of getting rich or achieving a goal overnight, but whether it’s generating wealth or making a difference to the world around us, history tells us that the best way to do so is slowly. This patient wait for a return was something the Quaker entrepreneurs of the past, such as the Cadburys, understood. There will always be exceptions to the rule, and if that happens for you then I wish you well. However, there is nobility in the process for those who are willing, to whatever extent of their ability, to commit.

In the fabled words of Aesop’s tortoise and hare:

"Do you ever get anywhere?" [the hare] asked with a mocking laugh.
"Yes," replied the Tortoise, "and I get there sooner than you think."