Embargoed until 00:01 hrs
Monday 23 September 2002

CHARITY GOOD FOR BUSINESS, SAYS IoD

Charitable giving in the UK should increase sharply the Institute ofDirectors claimed today. Almost two-thirds of employers believe not enoughmoney is set aside for good causes, the IoD revealed.

Earlier today, at a joint seminar with London Partnership on the future ofphilanthropy, the IoD launched a new report on the 'giving economy'. Thereport argues that the level of charitable giving in the UK is much too low,whilst at the same time presenting new survey evidence showing that asignificant proportion of IoD members are very generous:

* 59% of IoD members believe that, as a nation, we do not give enoughto charitable causes.

* One-in-five IoD members give away at least 5% of their gross incomeeach year.

* One-in-three IoD members give away at least 3% of their gross incomeeach year.

Graeme Leach, Chief Economist at the IoD, said:

"This report shows that personal philanthropy is central to a correct viewof the market economy. Market economics has never been about the unbridledpursuit of self-interest. Unbridled self-interest was never the position ofAdam Smith and will never be the position of the IoD. This truth has beenlost and the IoD wants to see it re-discovered."

The report argues that the combined influence of a consumer society,declining religious influence and growth in the welfare state, have erodedindividual charity.

Graeme Leach added:

"Let's hope that an age of altruism can be created, an age of voluntarygiving. People need to understand that the welfare state is not the firstand last provider, and that ultimately individual generosity is good forsociety as a whole."

Ends

20.9.02

No.121

Notes to Editors

1. Copies of the report- The Giving Economy - are available from thePress Office.

2. The IoD is a non-political organisation with over 55,000 members,whose aim is to help directors to fulfil their leadership responsibilitiesin creating wealth for the benefit of business and society as a whole. Tothis end the IoD provides an effective voice to represent the interests ofits members to government and opinion-formers, and to bring the experienceof business leaders to bear on the conduct of public affairs.

3. London Partnership aims to create a new form of socialentrepreneurship by inspiring ambitious young professionals in London toshare their prosperity.

Contact points:

David Marshall, Director of Public Affairs, tel. 020 7451 3263
mobile and out of hours: 07764 883 420

Richard Taylor, Press Officer, tel: 020 7451 3264
mobile and out of hours: 07721 734886
email: press@iod.com
web: www.iod.com