‘Social Impact Bonds only small part of funding jigsaw for social enterprises, says SEUK in response to Spending Review

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Responding to the government’s Spending Review and Autumn Statement, Social Enterprise’s UK chief executive, Peter Holbrook CBE, today said: “While £80m sounds like a lot of money, Social Impact Bonds are only a small part of the funding jigsaw for social enterprises – and the evidence of their value is a mixed bag. It’s not something that many social enterprises can get excited about.”

Holbrook added:  “We hope that local authorities will make every effort to promote the selling of any assets to groups wishing to buy and run them for the benefit of the community. It could see greater use of the Right to Buy legislation. Local authorities need to be encouraged to think long-term – selling assets to the private sector to meet budget pressures is likely to result in money leaving local communities and local economies, just when it’s needed most.

“Social enterprises delivering social care services will likely welcome the powers given to local authorities to add 2% on council tax to pay towards social care.”