A bold initiative to reduce inequality across the region has
taken a major step forward, with £1 million in funding
unanimously approved by the Combined Authority on Monday
(December 16).
This groundbreaking project - working title Greater Cambridge
Impact - is designed to support disadvantaged communities
and aims to raise a 10-year, £10 million investment pot that will
deliver lasting, measurable change.
Greater Cambridge Impact will take an innovative
approach to tackling inequality, especially around education,
social mobility, health and homelessness. It will invest in
charities, social enterprises and community interest companies
offering bold solutions, using mechanisms such as equity
investments and loans, while working closely with local
government. Returns from local government investments will be
reinvested, ensuring a sustainable cycle of funding for social
innovation.
Cambridge City Council initiated this project, and city
councillors also made an in-principle commitment of £1 million in
July 2023. Together with the Combined Authority's commitment
approved at the Investment Committee on Monday (December 16),
this represents significant support from the region which will
help to secure the wider investment needed to reach the £10
million target.
Cambridge is ranked as one of the most unequal cities in the UK,
but inequality exists in communities across the whole Combined
Authority area. Greater Cambridge Impact aims to help
people across the region share in the prosperity and opportunity
driven by its globally competitive economy.
The initiative will be managed through a joint venture company,
with the Combined Authority holding a seat on the board. This
ensures that investments are aligned to the region's priorities
for reducing inequality and driving “good growth.”
By demonstrating its commitment to tackling inequality
head-on, Greater Cambridge Impact aims to
attract additional funding and partners, multiplying its reach
and impact across the region.
This bold step represents a new model for reducing inequality,
leveraging collaboration, innovation, and long-term thinking to
create brighter, fairer futures for communities across Greater
Cambridge.
Mayor Dr said: “Partnership working is crucial to
getting to the root of some of our most entrenched inequalities.
This fund is the kind of innovative, ambitious thinking we need
to create opportunity for the public, private, voluntary and
third sectors to collaborate on improving life chances. I want to
encourage local businesses, individuals and other organisations
to find out how they can support this pioneering new scheme.
Cllr Simon , Executive Councillor for Finance and
Resources at Cambridge City Council, said: “In July
2023, Cambridge City Council awarded £200,000 of seed-funding to
make GCI investment ready and pledged £800,000 to match other
funders and investors. The welcome commitment of the Combined
Authority not only builds the fund but gives others more
confidence to invest. The GCI focuses on tackling the root causes
of inequality by supporting solutions that work – from
communities, public, private and voluntary sectors – and that can
be scaled to benefit as many people as possible.”
Sara Allen, Executive Director of Greater Cambridge
Impact, said: “I'm so delighted that the Combined
Authority's Investment Committee voted unanimously to make this
investment. It represents a collective vision for tackling the
causes of inequality and demonstrates the support within the
region for impact investment. The Combined Authority will bring
deep knowledge of the region to the investment decision making.
Joint initiatives like this, working across the public and
private sectors for the public good, can lead to more effective
solutions, foster sustainable development and encourage vital,
new thinking.
