A coalition of businesses, including housebuilder Barratt Redrow, Heathrow Airport, and outsourcing giant Mitie, is launching an initiative to address investment barriers in local areas across Britain. The Social Value Commission, set to include E.ON UK and VodafoneThree, aims to mobilize investment that benefits local communities.
The group has reached out to Chancellor Rachel Reeves for Treasury support and plans to conduct polling to assess public understanding of public money investment in their communities. The initiative comes as the Pride in Place program, with £5bn in government funding, is expected to target areas of interest for Reform UK in the upcoming general election.
The coalition, which also consists of Knight Dragon and Pension Insurance Corporation, is dedicated to supporting community-led investments and private sector projects in various sectors like regeneration, transportation, skills development, housing, and renewable energy.
The Commission’s goal is to promote investment that generates social value while aligning with the government’s agenda to stimulate construction and enhance community prosperity in the UK. They plan to conduct polling and focus groups across the UK to understand community perceptions and ensure that private sector investments lead to positive changes in people’s lives.
The Social Value Commission intends to host roadshows with regional authorities, universities, and civic organizations to identify barriers to investment in regeneration and infrastructure delivery. They are expected to release a policy paper with recommendations on how central and local governments can collaborate with the private sector to boost community investment later this year.
The commission’s secretariat will be managed by WPI Strategy, a public affairs firm with experience in similar initiatives focused on economic recovery from COVID-19 and UK productivity.