The Prime Minister has asked the taskforce to provide a
progress report to , Secretary of State
for Culture and , Economic Secretary to
the Treasury by the summer. The government is also
expected to announce its policy response in the summer.
The Prime Minister said:
The UK is a pioneer in impact investing. Our
financial institutions have long-recognised the
importance of using their investments to generate a
positive social impact as well as a financial return.
The challenge now is for industry to unlock the
capital to boost impact investment even further,
finding solutions to some of the burning injustices
we face as a society, and helping make sure the
country works for everyone.
Social impact investing gives people the opportunity to
put their money to work for social good, as well as
financial return.
The taskforce will work on generating a faster rate of
innovation in the financial services industry to
provide products that give savers and investors the
opportunity to make a social impact.
Elizabeth Corley, Vice-Chair of Allianz Global
Investors said:
Government has a vital role to play in accelerating
the development of UK social impact investing, so it
is very encouraging to hear the Prime Minister voice
her support for creating a culture of social impact
investing in the UK and the work of the taskforce
going forward.
With research showing that more than half of people
in the UK are interested in purchasing social impact
investment products but that only 9% have done so,
this is a market with enormous potential, waiting to
be unlocked by the type of focus and commitment
announced today.
Today’s announcement follows a meeting the PM held last
week with senior executives from some of the UK’s
largest financial firms and impact investing pioneers,
where she threw her weight behind social impact
investment.
And the PM has asked , Secretary of State
for Housing to consider what measures government could
take to unlock and boost social impact investment,
particularly in tackling issues like left-behind parts
of the country, homelessness and housing for vulnerable
people.
