BSSEC CIC: Routes to Impact – are we chasing figures or positive impact?
11th September 2024
Our recent strategic Roundtable session for West Midlands infrastructure organisations explored how we report on our impact economy across the West Midlands, the challenges, the opportunities, and actions that could maximise benefit for West Midlands communities. This was our second Social Economy SESSIONS Roundtable on Social Value and we felt it was worth revisiting as it is such an important topic within this developing agenda.
This was the first Roundtable since the General Election (2024), we spoke for a few minutes about the current uncertainty concerning how the new Government might lead the sector and how they perceive the potential for social economy organisations to tackle key challenges. Prior to the election many social economy organisations came to together to advocate to all political parties the importance of the sector and formed The Future Economy Alliance. The Alliance continues to work post-election advocating a stronger effective partnership between the state and purpose led businesses.
The business plan is well worth a read: Business Plan for Britain | Social Enterprise UK.
We do know, however, that Stephen Timms (Department for Work and Pensions) pre-election called for an incoming Labour Government to ‘forge a strategic partnership with the IMPACT ECONOMY ’. Timms suggested that Labour should partner with businesses in the impact economy – mobilising resources, expertise and innovation to drive transformative progress across Labours 5 missions. He also suggested that Labour should set up a joint treasury business and trade unit to partner with key stakeholders – so everyone is working together to address social, economic, and environmental issues. So far, nothing has emerged as an indication of what might happen or be possible. However, procurement is still seen as an opportunity to create social value and its said it will be at the forefront of contracts let. BSSEC CIC will monitor the emerging agenda as part of their sector communication role.
The new National Wealth Fund could also provide an important lever for the green economy and it will work with local partners such as regional majors with the aim of investing in new industries and creating jobs. Place-based impact will be key as this develops.
Read more: Boost for new National Wealth Fund to unlock private investment – GOV.UK (www.gov.uk)
A fascinating and energised discussion supported by our two expert speakers, Simon Fenton (CEO, Forward Carers) and Heidi Fisher (Founder, Make An Impact CIC). We are delighted to share our Roundtable Social Value and Social Impact report with some great insights, key findings and conclusions for consideration.