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Social enterprises and social investors are urging the Government to not backtrack on its promise to ‘level up’ the UK’s cities and regions by scrapping Social Investment Tax Relief (SITR), which has a proven record of unlocking and directing private capital into some of the most disadvantaged places in the country.
They are now encouraging MPs to get behind their bid to increase accessibility to SITR investment for a further two years as part of an amendment to the Financial Bill that is currently passing through parliament.
Harriet Baldwin, Liam Byrne, Pat McFadden Simon Fell and Tim Farron have all shown their support, whilst Angela Rayner, Gavin Williamson, Jane Stevenson, Mark Pritchard, Preet Kaur Gill, Rebecca Long Bailey and Sajid Javid have been asked to get behind the rallying call.
SITR has already leveraged at least £14million in private investment to help more than 75 social enterprises deliver essential services.
This ranges from the Jericho Foundation (an upcycling venture that provides jobs and training for people with personal or occupational barriers to employment), The Bike Project (a cycle scheme to get refugees socially moving) and The Swan in Gressenhall, which is bringing a disused pub back to life as a vital community hub and leisure venue.
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