The UK chancellor Jeremy Hunt outlined a budget last week that sought to bring stability to the country’s finances. Yet the looming recession is plummeting social enterprises and the communities they serve into crisis.
Latest quarterly survey from Social Enterprise UK finds 3% of social enterprises say they’re at risk of closing in the next few weeks as costs rise and turnover drops amidst calls for more help from the government.
AstraZeneca and Siemens among corporations that bought a quarter of a billion pounds-worth of goods and services from social enterprises as part of the £1bn Buy Social Corporate Challenge launched in 2016.
Social Enterprise UK and Big Society Capital are among nine organisations promoting the Community Enterprise Growth Plan, a “once-in-a-decade opportunity” to accelerate growth of social enterprise in underserved communities.
An extra £56bn a year in social value could be squeezed out of public sector contracts and used to “level up the country”, tackle Net Zero and strengthen communities, claims a new report from big businesses and UK social enterprise leaders.
Critics of the government’s flagship Levelling Up policy focus on reliance on business as usual, while others welcome introduction of Danny Kruger’s social covenant.
The Commission on Social Investment’s “bold” recommendations call for £800m new money, a fresh strategy from government and a rethink of Big Society Capital.
Mologic seeks alternative to “relentless profiteering” of medical industry by providing affordable medical technology in poorer countries in £30m acquisition backed by Gates Foundation, Soros Economic Development Fund and others.
