Big Society Capital responds to the Budget

Published

Responding to today's Budget delivered by Chancellor for the Exchequer Jeremy Hunt, Stephen Muers, CEO of Big Society Capital, said:

"Today’s Budget from the Chancellor was right to acknowledge the outstanding work of the third sector and the £100 million given to the Department for Culture, Media and Sport to support them will have a positive impact across the country."

"It is good news in particular to see improvements to the Community Investment Tax Relief scheme, which has continued potential to get capital to underserved areas and generate positive impact in those areas. However, the scrapping of Social Investment Tax Relief is a significant step back, and creates an unequal playing field for social enterprises and charities. The government should be encouraging investment in organisations who are delivering social benefit in areas where the impact is most needed."

"Social investment channels sustainable capital to the people best placed to deliver in their communities, and in areas like housing, health and education can be a vital aid to the Government in a difficult funding landscape. After showing trust in social impact investment through the announcement of a second dormant assets allocation last week, the opportunity for more cost-effective and directly impactful service delivery through the form of outcomes contracts would be an important consideration moving forward."

Notes to editor

Stephen is available for further comment on request

Press contact

Ian Young

iyoung@bigsocietycapital.com

About Big Society Capital

bigsocietycapital.com

Big Society Capital exists to improve the lives of people in the UK through social impact investing. We unite ideas, expertise and capital to create investment solutions for the UK’s social challenges, supporting organisations that deliver both positive social impact and sustainable financial returns. So far, we have helped channel £2.7 billion* into investments tackling a wide range of problems such as homelessness, mental ill health and childhood obesity. To widen access to social impact investing, we have partnered with Schroders, a global asset and wealth manager, to launch the listed Schroder BSC Social Impact Trust plc. As the portfolio manager, we provide investors with high impact investments that contribute to solutions to social challenges alongside targeting long-term capital growth and income.

*As at end of Q2 2022.