This is our evidence submission to the Business, Energy and Industrial Strategy Committee Inquiry on Post Pandemic Economic Growth.
In our response we present a number of evidence points. These include:
- There will be a stark need for investment to rebuild and regenerate local economies after the pandemic. The impact of Covid-19 is likely to entrench existing inequalities in the UK, and the most vulnerable communities will struggle to bounce back as social distancing measures are eased. Many of the places that have been already been very badly hit – such as coastal towns heavily reliant on tourism – had very little resilience to this kind of crisis in the first place.
- We need to make better use of data to understand how the coronavirus pandemic has impacted different places and communities. SIB has one of the largest and most mature social investment portfolios - we are using this data to better understand the places and people that have been hardest hit and use this to inform how the social economy can best respond to this need.
- A fair recovery needs to invest in social businesses that develop local economies in sustainable and resilient ways. There is no space for traditional private capital that extracts a gain from an increase in property prices at the expense of local people who need jobs. We need to focus investment into businesses with a social conscience, that put income and employment as their most important outcomes, over profit-maximisation.
- Coronavirus has exposed the need for a fresh approach to how we invest in places. This means investing in the social infrastructure that enables communities to prosper; targeting funding toward social businesses which provide good employment and secure incomes to local people; and using policy to support a thriving social economy that can connect into both public and private markets.
We are grateful for the opportunity to comment on this inquiry and would be pleased to provide any further information, evidence or clarification as required. Please contact Will Thomson (Policy Lead) on firstname.lastname@example.org with any questions.