Peter Holbrook, Chief Executive, Social Enterprise UK commenting on the Budget said:

It is clear that this Budget has been shaped primarily by the need to tackle the Coronavirus rather than looking at the long term economic reforms the country needs. The short-term support offered to businesses to cope with a downturn in trade due to Coronavirus is welcome and it is important that government promotes these to social enterprises as well as the rest of the private sector.

However, despite all the rhetoric about levelling up – the content of the Budget is underwhelming. It is still early days, but the government must look at the fundamental structure of our economy as well as investing in infrastructure and public services. I agree with the Chancellor that we must unleash the potential of business. But the Chancellor must see that the most untapped potential is in social enterprises and responsible business, rather than continuing to reward business as usual.   

We’ve been here before. Every new government over the past few decades, has sorted quick fixes through spending splurges or deregulation hoping to open the flood gates of investment and spread growth across the country. But even by their own figures, growth in the UK is predicted to be anaemic over the coming five years. We’ve reached the limits of what we can achieve with the old ways of doing business, we need to look to the future.

The pressing climate emergency makes this even more vital and I hope that once the short term challenge of the Coronavirus has passed, this Government will work with social enterprises to build a new economy that works for people and planet.”