An idea whose time has come

On my walk from Charing Cross station each morning I see Steven outside Boots, rain or shine, his outstretched arm holding the latest Big Issue at eye level for passing commuters. He’s part vendor, part performance artist. Many, like me, stop to buy; others look down and hurry on.

Though passers-by might pretend he’s invisible, the company that helps to get him and other homeless people back on track by selling magazines is part of a quiet revolution whose impact is only just beginning to be felt. The social enterprise sector — run for social or environmental purposes (or both) rather than for shareholders’ profit — is a tiny part of business in Britain. Its 55,000 companies have a combined turnover of £27 billion a year and employ 5 per cent of the workforce. With its green tinge, its social conscience, and its ability to make consumers feel virtuous, this sector would seem an unlikely candidate for success in a recession.