Please join me in welcoming to the podium Dame Susan Langwe, our Lady Mayor. Well, thank you, and what an introduction. I uh I don't suffer from imposter syndrome, but sometimes when I hear someone read out my bio, I have to admit I still have the temptation to turn around to look over my shoulder and see who they're describing. But good evening everyone, and thank you for joining us here tonight in this beautiful guild hall. And tonight I do want to talk about social mobility. Now you might reasonably say, haven't we been talking about this for long enough? And I would agree. But the reality is this. According to the Institute for Fiscal Studies, it's now harder for children from poorer households to move into a higher income bracket than their parents than at any point in the last 50 years. So this isn't a problem we've solved. In fact, it's a problem that's got worse. Now you will know there are broadly two cases for social mobility. The first is a moral one. It's simply not fair that a person's life chances should be determined by the circumstances of their birth. But the second is just as important and perhaps even more urgent in this world that we find ourselves in today. Social mobility is also an economic imperative. Because when opportunity is constrained, when talent's overlooked, and when potential is left underdeveloped, we don't just fail individuals, we limit our economy. Now evidence shows that even modest improvements in social mobility could increase GDP by around 2%, an uplift that we really need today. So increasing access to opportunity isn't just the right thing to do, it's the smart thing to do. It boosts productivity, it strengthens business, and it drives growth. This double dividend, if you like, social and economic, is clear, consistent and compelling, which is why governments of every political persuasion have always tried to prioritize it. But I think this can't be left to government alone. Businesses can't afford to sit on the sidelines, leaving it to politicians, to teachers, to charities. Because the decisions that shape opportunity, who's hired, who progresses, who is given a chance, they're made every day in rooms and offices across our country by people like you and me. Which is why I think this isn't someone else's problem to solve. Now, in this lecture and following discussion, I'd like to explore some of the reasons behind this stubborn lack of social mobility. To look at the skills gap, the economic impact of inaction, the role the City of London can play, as well as the importance of representation and stories. But first, let me start with a story of my own and why this is so important to me. Now, the chances are if you've been to an event I've spoken at recently, you'll have heard me talk about my journey from the East End to Mansion House. I was born just a mile or so east of here in Bow and later moved to Essex, which is probably not the typical starting place for a lady mayor of the City of London. In fact, my maiden name is Wolford, which is probably as East End as it gets. I went to a state school, my dad was an electrician, and my mum stayed at home. My gran lived with us too. She was she worked as a peacemaker, sewing clothes and curtains to make a living. And yet, here I stand, and you've heard my bio. Having built a city career spanning consulting, insurance, banking, charities, government, having chaired one of the UK's largest insurance companies, having been made a dame, and now unexpectedly standing in front of you, giving the Gresham lecture as Lady Mayor. Well, how? I think because of something very simple. My parents consistently told me through childhood two things. One, anything is possible. And two, how hard can it be? Now that belief I didn't realise at the time shaped everything, which is actually why I struggle with the phrase we sometimes use, less privileged. Because I never felt less privileged. I was hugely privileged because I was loved, supported, and crucially encouraged to believe that my future wasn't limited. But here is the reality I have come to understand. That journey, one that never felt exceptional to me, is in fact highly unusual. Now the role of Lord Mayor, as you've heard, is an ancient one. It stretches all the way back to 1189, with 697 people having held the title, including the hero of one of the most famous, if sadly fictional, Ragster Rich Histories, Dick Whittington. And over that 800 plus years, there have been 70 Lord Mayors called John, but only three women, myself included. When I chose the title The Lady Mayor against some opposition, I did so just because it felt right. What I did not anticipate was the response. As a child, I watched the Lord Mayor's show on my granddad's shoulders, listening for the clip-clop of the horses, the noise of the marching bands, and waiting for that golden carriage with the Lord Mayor and the feathered hat inside. And it was always a Lord Mayor. Now, the day after in November, the first ever Lady Mayor's show, my inbox overflowed. Not just with messages from parents saying their daughter now wanted to be Lady Mayor, but from people with a similar background, including one I'll never forget, that said, Sue, I was born in the East End too. I've worked in the city for 20 years, and I never felt that I truly belonged until the day of your show. Until I saw someone like them, someone from a working class background in that golden coach I saw as a girl. And that's why representation matters. And I'm ashamed to say I hadn't understood before that just how powerful that sort of visibility can be. Of seeing someone like you and realizing, you know what? Maybe this is for me. But too many young people don't feel that. Through my career, I've met students who can see the city's skyline from their classroom window, but who still don't believe it's a place for them. I've spoken to young people who don't ask what job could I do in the city, but instead worry, will I fit in? And I've been troubled by some of the recent research around this topic, including a report from the King's Trust earlier this year, which found that now more than a quarter of young people feel that they're going to fail in life. Let's just think about that. Not lacking talent, not lacking ambition, but lacking belief that they can do a certain role. So that's why I want to use this remarkable platform as Lady Mayor to prove that you don't have to dress a particular way, speak the Queen's English, or go to a certain school to succeed here. And that's why I want to dispel any misconceptions about the city and show it for what it is. It's open, vibrant, innovative, and it's a welcoming place, eager for talent. Because one of my biggest frustrations is seeing the city I love, the city I've worked in for nearly 40 years now, perceived as somewhere that's scary and closed off, particularly by young adults from a working class background. Which leads me on to a question that I believe underpins this entire topic. Is this a skills gap or is it an opportunity gap? As it stands, somewhat in the region of one million 16 to 24 year olds are currently not in employment, education or training. That's one in eight young adults. And if you're from a disadvantaged background defined as being eligible for free school meals, you're 65% more likely to find yourself in that category. But businesses in the UK are struggling across the board to recruit the people they need. Take, for example, the construction sector, where 52% of vacancies remain unfilled due to a lack of skills, qualification or experience, according to the latest Employer Skills Survey. Other industries are similar. Manufacturing, 42% of vacancies unfilled. Health and adult social care, 40%. Education, 38%. And if we turn the lens on my own sector, financial and professional services, one that defines the square mile and drives the UK economy, some 160,000 people currently need to be upskilled, especially with the rise of AI. And that's the second largest skills gap of any UK sector. And over a quarter of a million people are expected to leave or retire from its ranks over the coming decade. So to answer my question, we absolutely have a skills gap. But we also have here in London the most amazing diverse recruitment pool right on our doorstep. A city full of talented, creative, ambitious individuals, a place where more than 300 languages are spoken. So the challenge is finding ways to link up that considerable but untapped talent with the unmet demand of business, of making sure that those opportunities are actually offered. Because let's be clear, this isn't just a social challenge, it really is an economic inefficiency of the highest order. When businesses engage, when they open their doors, build relationships with schools and invest in future talent, they don't just change lives, they strengthen their own organisations. Simply, social mobility is not a cost, it's an investment. Because whether a business is large or small, new or established, people are its most valuable asset. They generate ideas, build relationships, and shape reputation from the ground up. And while I don't believe for one moment that businesses in the UK today deliberately set out to exclude, whether it's through unintentionally skewed progression pathways or limited access or a lack of focus, the outcome is the same. They miss a whole swath of talent. So why does this matter? Well, at the macro level, social mobility is actually about prosperity. When people are unable to fulfil their potential, when talent is unutilised and skills underdeveloped, productivity falls, innovation stalls, and growth slows. As I mentioned earlier, the Shutton Trust has estimated that improving social mobility just to average Western European levels could increase UK GDP by around 2%. Now, other analysis has framed it even more starkly. The combined impact of businesses investing in social mobility would be the equivalent to adding a city the size of Glasgow or 540,000 full-time jobs to the economy overnight. And in a competitive and uncertain world where growth is essential, we simply cannot afford to shoot ourselves in the foot like this, to lose some of the brightest and best before they ever get the chance to succeed. Now, at the micro level, the benefits are just as clear. First, performance. It's been proved that those businesses that draw on the widest possible talent pool make better decisions, adapt faster, are more resilient because they avoid groupthink and they bring in fresh perspectives. And second, reputation. For employers, for employees and employers, inclusion and flexibility is no longer a nice to have. It's just expected. And for customers, how a business behaves, who it hires, who it promotes, who it supports matters. And customers will and can vote with their feet and do business with someone who aligns with their values. And finally, cost. Recruitment is expensive. But as the British Chamber of Commerce reports, 70% of businesses who engage with schools and education providers finds it helps to close skills shortages, with 37% saying it helps cut their recruitment bill, too. So at a macro level, failing to solve mobility issues damages our economy and prospects for growth. And at a micro level, it weakens our businesses through poorer decision making, reduced innovation, and higher costs. Now it's here that I believe the City of London can be an enormous force for good. We have, after all, a rich history of supporting young people onto the career ladder and indeed of upskilling workers through their lives. Our ancient livery companies were among the earliest adopters of apprenticeships. And technical on-the-job training has transferred invaluable skills and knowledge from one generation to the next for hundreds of years. So much so that in the 18th century, I understand it's estimated that one in six men in England, and it was men at the time, lived in London at some point in their lives due to an apprenticeship. City and Guilds is a very important part of that educational legacy and one that we are enormously proud of in the city. As is the work we continue to do at the City of London Corporation, including through the annual London Careers Festival, held here in Guildhall, which last month drew in over 6,000 students from primary and secondary schools and sixth form colleges. To this day, I think that apprenticeships remain a great way into the city. But opening up that sort of opportunity that an apprenticeship can provide isn't always enough. And it's that sort of self-confidence that when you walk into an office, it tells you, no, this isn't an intimidating place to be. The people are friendly, I can do this job, I do belong here. If we're too late in instilling this belief, if we wait to address our social mobility until the time young people are leaving school at 15 or 16, we often are too late. That's where I'm actively pushing three key activities this year as Lady Mayor. Partnering with the West Ham Foundation, promoting the cadet forces, and launching City Insights Day. All three aimed at schools serving underprivileged catchment areas. Now a brief word on each. The West Ham Foundation established the foundry in Becton to help young people involved in gangs or with family issues define stability, encouragement, and practical support. We've sponsored one of their classroom zones, Inspire, to provide mentorship, train kids in self-confidence, and support qualifications for those that have already been excluded. And programmes like these can make a very real practical difference. Now the cadets. We're seeking to increase the number of school-based cadet contingents. Why? Well, because as independent academic studies have shown, being part of a cadet force can have an exceptional impact on driving social mobility. With those participating having higher levels of self-confidence, resilience, teamwork, and critically communication. Indeed, self-efficacy, that belief in your capability to achieve outcomes, is generally speaking half that amongst pupils that qualify for free school meals compared to their peers. But when you measure this across cadet units, there is no distinguishable difference anymore. So the cadets and organizations like them give young people the skills and belief that they are capable of stepping up to opportunities. And then finally, there's our City Insight Days. Renowned businesses and organisations covering everything from insurance to accounting, banking to construction and culture opened their doors and offered hands-on informative sessions to groups of secondary schools and sixth-form pupils. Whether it was an organised tour, an industry challenge, or an introduction with managers, graduates and apprenticeships, this project provided valuable advice and experience to young people who had not yet encountered the square mile. And the best thing 86% of the students who participated say they now feel more confident that they could work here in the city. Because in the end, that's what this is about. Giving people a sense of familiarity, the self-belief to apply for that job, to feel they deserve that interview, taking away perceived boundaries, or in other words, unsquaring the square mile. City Insight Days, I'm delighted to say, are continuing next year where we hope they'll be even bigger, better, and more inspirational. So if you do know a business that would like to get involved, please do send them our way. As I've always said, we change people's lives one person at a time. And if each business taking part alters the path of just one person, then I think the programme of City Insights Day is absolutely worth it. But, ladies and gentlemen, I've talked and we're talking a great deal in the city about opportunity, about access, about pathways into work. But why can't we fill this gap? I think it's sometimes because we also do not talk about something more fundamental. The stories children are told about themselves. Because long before a young person applies for a job, long before they choose a subject, long before they walk into an interview, they've already formed a view of who they are. Just like those pupils I mentioned earlier questioning what is and isn't for people like them. And if that view is too small, if it's constrained, if it's been quietly shaped by families and schools with low expectations, then opportunity alone will never be enough. Because they will never reach out for it. And from an economic perspective, that's where the greatest loss occurs. Not those who try and fail, but in those who never try at all. Now, as a child I read constantly. One of my earliest memories as a toddler was sitting on the floor with my mum and gran, playing with colourful blocks of letters as they encouraged me to put them into order, into the order of the alphabet, or to start to spell out words. I could read way before I went to school. The local library card I remember only allowed for four books to be borrowed a week. But with my mum and gran's cards, too, I could have twelve. That gave me twelve to read. And I did. So my world was never limited. It was filled with the possibility of dragons, distant lands, great adventures, different people, amazing cultures. And with my parents' support and the fact and fiction piled beside my bed, I always thought that anything was possible. When I left school, I didn't know what career I wanted, but I believed there were no limits. I remember I once told a career advisor that I wanted to work in travel. He shook his head disapprovingly and said I should become a secretary. When I insisted, he said, Well, perhaps at a stretch you could become an air hostess. And I remember thinking, if I'm going to be on a plane, I'm going to be flying it. Now, I didn't become a pilot, but I also didn't accept the limitations or preconceptions placed on me. And that, I believe, is our greatest responsibility, not just as business leaders, not just as educators or policymakers, but as adults. We must not limit children's views of themselves. Not through what we say, not through what we imply, and not through what we fail to show them. Because when we limit aspiration, we don't just hold back individuals, we constrain the future workforce, we narrow the talent pipeline and we reduce the capability of our economy to grow. As I've set out tonight, the reward for getting this right is enormous, and I hope the invaluable insights we'll be getting from Beana, Liz, Tanji, and Patrick will prompt all of us to look at what more we can do. We don't lack talent in this country. We're surrounded by it. What we lack is connection and confidence between potential and opportunity. And it is our job to build those bridges. So, yes, businesses must act. Of course, we must widen access, rethink recruitment, investing skills and outreach. But we must also do something simpler and just as powerful. We must show up in schools, in communities, in conversations. We must say to young people, you belong here. You can do this. This world is yours too. Small differences, small changes make a big difference. Some of you will be familiar with the phrase, a rising tide lifts all boats. But tides do not rise on their own. They require a force. And if we all assume that over time opportunity will naturally increase, that barriers will quietly fall, we're wrong. Because evidence tells us otherwise. Without action, we fail our young people today and we weaken our economy tomorrow. So if we are serious about creating a fairer, a more prosperous society, with the support of business and all of you, we must do something different. We must build that workforce that is more productive, more inclusive, and more dynamic to drive growth for our country. We must be that force that raises the tide. Not someday, but today. And all of us here in this room have the power to make this happen. Each in our own way. And when we do, we'll be able to promise the next generation that a person's future isn't determined by where they start, but by what they are capable of becoming. Thank you.