Supporting communities in Sunderland
In 2019, Sunderland was home to over 5,500 businesses, including 80 internationally owned corporations, employing more than 100,000 people. Despite this, there had been a lack of investment in the city – limiting its ability to grow and thrive, much to the frustration of local people. Sunderland, therefore, was a key target for Legal & General as it looked to support for areas in the UK where its investment could have a positive impact on people’s lives; generating the economic growth and empowering local people.
The transformation of a city which had seen significant under investment for the past twenty years is now well underway. To respond to the needs of the local area and enable long term job creation, Legal & General made a £100mn commitment to help extend the footprint of the city centre, through the development of Riverside Sunderland, a mixed-use urban quarter.
The partnership between city, communities, and Legal & General is fast becoming an example of inclusive capitalism at its best. Through an injection of long-term capital, towns and cities can be completely transformed, and have a direct positive social impact, creating jobs and supporting real wage increases, whilst creating a virtuous circle by generating income to pay pensioners.