PwC reveals its economic and social impact
13 November 2014Comments (0)
PwC contributes over £4.1bn a year – or £15.7m a day – to the UK in
terms of its total economic, social, tax and environmental impact, up
2.3% on 2012/13
The annual total includes £188m which the firm says is the value of
future benefits for the UK engendered by its training schemes.
In other words, the value reflects the estimated, incremental future
earning potential of people who gain accountancy qualifications with
the firm and subsequently join other organisations.
The 2014 figures show that the firm took on 1,130 people to complete
professional qualifications.
The figures are taken from PwC’s annual corporate sustainability
report which uses a valuation framework to work out the firm’s
contribution to other businesses, the economy, to communities, the
environment and to public finances.
The Big Four firm said that its £4.12bn impact is actually 60% higher
than its annual revenues. By far the largest part (55%) was economic
and was valued at more than £2.3bn, 3.1% higher than the previous
year.
The economic total included direct value through the revenue generated
by the firm and indirectly through spending in its supply chain and as
a result of the money spent by its employees and its suppliers.
In addition, PwC contributed £1.5bn (up 2.5%) to UK public finances
through the payment and collection of taxes on profit.
The environmental element of the impact was “relatively small” at
£109m and arose largely from carbon emissions relating to travel and
energy use. It was also a negative cost which reduced the overall
positive contribution the firm made.
Since 2007, PwC has reduced the level of its operational carbon
emissions by 26% (4% in the last year) which is slightly ahead of its
2017 target.
It says its multimillion pound refurbishment of its 25-year-old
central London office should pay for itself within four years through
improved carbon and energy performance.
Commenting on the report, PwC’s head of corporate sustainability
Bridget Jackson said, “Total impact measurement is helping us to
understand how we can focus and plan our activities to deliver greater
value to positively benefit a much wider group of stakeholders.
“It’s also key to knowing where to prioritise our efforts to eliminate
our environmental impacts.
- See more at: http://economia.icaew.com/news/november-2014/pwc-reveals-its-economic-and-social-impact#sthash.G47D0t64.dpuf
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