A third sector task force has called for the setting up of a Social Investment Bank with start up capital of 250m pounds supplemented by matching funding from the Exchequer. The Taskforce, a joint venture between the third sector and the Department for Work and Pensions, claims that the creation of the bank would have the biggest impact on the sector’s ability to deliver public services.
The taskforce report argues that the bank is needed by the third sector to transform the role charities and social enterprises can play in the delivery of public services. It calls on Government to make the Social Investment Bank the priority for any funding released from the Unclaimed Assets Register, and to provide immediate direct funding for an interim Social Investment Bank to be created as soon as possible.
The sector is well placed to build up trusting relationships with communities, to utilize excellent local knowledge and links, to deliver innovative approaches in reaching those furthest from the labour market and those with complex needs. It is also able to contribute to policy development through an independent voice.
The bank would offer a new form of investment in the third sector, and it could transform the sector’s ability to get involved in a whole range of public service delivery activity.
The report is available from Charity Finance. http://www.charityfinance.co.uk/home/content.php?id=2551