23 March 2022

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

“There is some good news in the Spring Statement today for social enterprises, with increases in Employment Allowance which will help social enterprises to continue to successfully create meaningful jobs, and the Chancellor’s VAT-cut on energy saving materials which will help strengthen the growing green social enterprise sector.”

“The Chancellor set out the need for more investment in people, ideas and capital – exactly what the UK’s social enterprises are so effective at delivering. But instead of recognising the need to reform the private sector, he is cutting tax and hoping that business will do the right thing. All the evidence shows that it is not a lack of generous tax support which is holding our economy back, it is the short-termism of business and finance.”

“SEUK will engage closely with HM Government on its proposals to reform our tax system to help businesses grow and we will champion social enterprises. But tax cuts are not a substitute for a plan to reform the economy. This is the case that social enterprises will keep making in the months ahead.”