£1billion plan for community investmentNovember 2000
Tax breaks for companies, banks and private individuals investing in businesses set up in deprived communities is one of the key recommendations in a report on social investment commissioned by the UK government.
A five per cent tax credit for ‘community investments’ would leverage £1billion of new investment into businesses operating in deprived areas, the taskforce that produced the report estimates.
Enterprising communities: wealth beyond welfare follows a request by the chancellor of the exchequer that the Social Investment Taskforce assess how the UK can boost economic growth in poor communities.
The taskforce led by Ronald Cohen, chairman of Apax Partners and Co, also recommends:
banks disclose their ‘lending activities in under-invested communities’ on a voluntary basis. If this approach fails, ‘legislation should require disclosure,’ it suggests.
more support for community development financial institutions
a community development venture fund with matched government funding.
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