VONNE are pleased that last week, the Chancellor announced £4m of Government funding for the Virgin Money Foundation to support charitable projects in the North East. As VONNE regulars will know we have been lobbying the Chancellor to step in following the expected closure of Northern Rock Foundation, the cuts in public sector funding and the impact that this is having on the sector in the North East.
In his letter to VONNE, George Osborne makes an explicit pledge that this money is for charitable activity in the North East of England.
VONNE is hopeful that the announcement will create a sustainable charitable commitment to the region. This would of course mean a commitment from Virgin Money to pledge at least 1% of all future pre tax profits in order to secure a lasting future. We would also urge the Treasury to make a similar pledge when the surplus assets of Northern Rock Asset Management return to the Treasury.
This is a good day for the Charity sector in the NE. We hope that the money will be used to provide a much needed lifeline to organisations that support some of the most vulnerable and deprived people in the country, and we look forward to supporting the newly established Virgin Money Foundation in this.