Last week, the Social Mobility Foundation announced the top 50 UK employers taking the most action to improve social mobility in the workplace. This Social Mobility Index, developed in partnership with the Social Mobility Commission and the City of London Corporation, assesses the progress UK firms are making in this vital area.

The City Corporation is supporting the Index with funding to encourage and support responsible businesses to help change the lives of hundreds of thousands of Londoners.

More firms are making progress on social mobility, casting the net wider in the search for talent and recognising that a level playing field is in the best interests for all businesses.

But while an increasing number of organisations are creating paid internships and apprenticeships to attract bright young people from low-income backgrounds, many others could be much more ambitious.

There is an untapped pool of talent out there. More than one in five young Londoners are out of work. With the right training and preparation, skills gaps can be filled by some of the young people who would sometimes be disregarded by traditional recruitment practices.

I am particularly pleased to see three businesses based in the Ward of Cheap made it into the top 50. Congratulations to Lloyds Banking Group, Eversheds Sutherland and Schroders for participating.

I’m encouraged to see the City of London Corporation is supporting this initiative. As policy chairman Catherine McGuinness said: “Let’s make social mobility a priority for our businesses and our communities.”