The Governor of the Bank of England, Andrew Bailey, visited Oxford last week to hear first-hand from people on the frontline of Oxfordshire’s charitable sector, at an event convened by Oxfordshire Community Foundation (OCF).
As part of the Bank of England’s national Community Forum programme, OCF was asked to bring together ten grassroots organisations representing a diverse cross‑section of the county. The session created rare direct access between small local charities and one of the UK’s most senior economic decision-makers. It enabled local leaders to share the challenges their communities are facing and the financial pressures being felt across the county.
The discussion explored the impact of inflation and the ongoing cost‑of‑living crisis, as well as the emerging issues likely to shape the next 12 months for charities and the people they support.
Lorraine Squire from The Hill Community Centre in Banbury said: “There are people falling through the gaps. People that are not necessarily on benefits and don’t earn enough to be comfortable but earn too much to be eligible for state help.”
Graham Beith from Vale Community Impact in Wantage said: “The Governor listened to how it is on the ground and took on board the divide between the wealthy Oxfordshire area we appear to be, and the fact there are quite a lot of people that struggle and continue to struggle.”
OCF drew on its deep understanding of Oxfordshire’s communities to select a representative mix of organisations working at grassroots level. For attendees, the forum provided a vital opportunity to have their local expertise heard by those shaping national economic policy.
Andrew Bailey, Governor of the Bank of England said:
“I would like to thank Oxfordshire Community Foundation for convening such a diverse group of grass-roots charities in the local area for what was a really thought-provoking discussion. Forums like these really help the Bank better understand the economic landscape that the charitable sector is operating in and give us a great opportunity to hear about the concerns that they are facing each day.”
The key themes emerging from the forum included:
- Lack of financial resilience: As costs of food and energy increase people are living on the edge. Financial resilience has been eroded over the past years, leaving households without any buffer to cope with unexpected costs that arise.
- Increased demand: The need for support from charitable organisations is increasing. This is against a backdrop of an ageing population, which is particularly acute in Oxfordshire, as well as increasing numbers of young people who are out of education or work.
- Rising costs: Charities are facing a storm of increased costs to deliver their services, alongside rising demand for their services and declining philanthropic giving as economic uncertainty continues.
Whilst the picture for some of Oxfordshire’s residents is currently challenging, Oxfordshire’s economy is set to have a significant boost, thanks to the Oxford-Cambridge Growth Corridor. The Chancellor, Rachel Reeves, last week announced funding of up to £800 million in a move to make it UK’s “Silicon Valley”. This offers a huge opportunity for organisations to invest in the local community to help build a great place to live and work.
Zoe Sprigings, OCF’s CEO said: “Our charitable sector is a vital part of Oxfordshire’s social fabric. These charities are stopping people from spiralling into crisis every day, whether that is supporting young people with poor mental health, providing companionship for elderly people or ensuring children don’t go hungry. Investment in grassroots groups is vital to ensure that communities thrive and local people reach their potential.”