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The Social Investment Task Force have published the following reports:
October 2000
A report to
the Chancellor of the Exchequer
from the Social Investment Task Force
July 2003
A 2003 update
on the Social
Investment
Task Force
July 2005
A 2005 update on the Social Investment Task Force
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Letter to the Chancellor of the Exchequer from the
Chairman of the Social Investment Task Force:
18th October, 2000
The Rt Hon Gordon Brown
Chancellor of the Exchequer
The Treasury
Parliament Street
London
SW1P 3AG
Dear Chancellor
It is my great pleasure to submit to you this report from
the Social Investment Task Force.
The Task Force has been hard at work since April,
responding to your request for an urgent but considered assessment of the ways
in which the UK can achieve a radical improvement in its capacity to create
wealth, economic growth, employment and an improved social fabric in its most
under-invested, that is to say its poorest, communities.
We have considered numerous ways of building upon recent
initiatives, notably the important new incentives for charitable giving, the
tripling in the size of the Phoenix Fund, the announcement of matching funds
for a social venturing initiative and the launch in Scotland of the Social
Investment Fund.
Our central conclusion is that the potential now exists
to achieve a transformation of investment flows to support entrepreneurial
value creation in those communities which have been most deprived of capital
and management expertise.
Our report makes five specific proposals, which together
would create the conditions for a vibrant, entrepreneurial community
development sector to emerge, namely:
- A Community Investment Tax
Credit to encourage private investment in community development. The
resulting investment of £1 billion over the programme duration would be
invested in both profit-seeking and not-for-profit enterprises in
under-invested communities.
- Community Development
Venture Funds. We suggest a matched funding partnership between
Government on the one hand and the venture capital industry, entrepreneurs,
institutional investors and banks on the other. Initially, we suggest that
£100 million be made available by the Government on attractive terms in
matching funding over the programme's duration.
- Disclosure of individual
bank lending activities in under-invested communities. This should if
possible be done on a voluntary basis, but if voluntary disclosure is not made,
legislation should require disclosure.
- Greater latitude and
encouragement for charitable trusts and foundations to invest in
community development initiatives, even where these include a significant
for-profit element.
- Support for Community
Development Financial Institutions, including Community Development
Banks, Community Loan Funds, Micro-loan Funds and Community Development Venture
Funds. This requires action by the Government and its agencies (such as the
Small Business Service), the private sector and the voluntary sector.
I am sure you will want to reflect on how best to achieve
momentum in this important area of policy. To that end, we think it would be
wise to consider the appointment within a government department of a champion
for community development finance: an experienced and high ranking individual
capable of conveying the message of this report and helping to refine its
implications with bankers, large companies, venture capitalists, entrepreneurs
and government agencies. Such a champion would help to encourage a more
coherent approach among different branches and tiers of government and
collaboration among social and community entrepreneurs and charities.
In the course of our work, I have been impressed with the
level of skill and dedication of the large number of people I have been
privileged to meet who have devoted their careers to helping communities in
need. I have also much appreciated the expertise and generosity of those who
have given their time to provide evidence and advice and the invaluable insight
of the members of the Task Force.
I hope you will agree that, thanks to all their efforts,
this report offers a new approach and a far-reaching programme to improve
dramatically the prospects of under-invested communities.
With best wishes,
Yours sincerely,
Ronald Cohen,
Chairman, Social Investment Task Force
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