Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent fiscal steps he has taken to support businesses in the social enterprise sector.

The Government recognises the important social and economic contribution that social enterprises are making across every industry in this country.

Last year, the Government made available an unprecedented £750 million package of support, specifically for charities, social enterprises and the voluntary sector, along with an additional £150 million from dormant bank and building society accounts. This funding has helped over 13,000 organisations continue to deliver vital services for those most affected by the pandemic.

In addition, at Budget 2021 the Chancellor extended the Social Investment Tax Relief (SITR) for two years until April 2023. This ensures the scheme will continue to incentivise individuals to invest in social enterprises, while also allowing more time for the Government to assess the most effective way to support the social investment sector sustainably. Since SITR was launched in 2014-2015, social enterprises have raised funds of £15.8m through the scheme, with £3.3m raised in 2019-2020.