25 November 2020

Peter Holbrook CBE, Chief Executive, Social Enterprise UK said:

“This Spending Review feels like the calm before the storm. The new £4bn Levelling Up Fund could help places to get back on their feet from COVID if it is used wisely. Social enterprises must be at the front of the queue for investment because of their fantastic record on jobs and helping left-behind places.

But the mood music is clear that the Chancellor wants to tighten the purse strings in the years ahead. The question is whether he has done enough today to really change our economy and our society to deliver the Government’s ambitious agenda. The answer at the moment has to be no.

Small pots of money distributed across the country will not reduce inequality between people or places on their own. We need investment in social enterprises alongside a package of reform across public services, taxation and the structure of business to truly build back better. Investment without reform will not create change. Reforms without investment will struggle to take root. Today’s Spending Review must be the beginning of the Government’s commitment to this agenda, not the end.”