New investment into Southwark to help grow the social economy and tackle inequality

31 January 2020

Southwark will receive a share of a new £33 million investment programme launched today aimed at tackling inequality through boosting the social economy.

Local Access, a partnership between Access – The Foundation for Social Investment, and Big Society Capital, will provide money for six places in total: Bradford; Bristol; Gainsborough; Great Manchester (Bolton, Oldham, Stockport and Wigan); Hartlepool, Redcar & Cleveland; and Southwark.

Southwark Council formed a successful partnership between local and national organisations based in the borough to bid for the investment. The money will support charities and social enterprises in the borough grow the local social economy to tackle local issues.

Cllr Stephanie Cryan, Cabinet Member for Jobs, Business and Innovations, said: “We are very pleased and honoured to be the only London authority to be asked to apply and to be chosen to take part in this exciting new programme. We are looking forward to working with our partners, who are a diverse range of local and national organisations from across the voluntary and community, private, academic, and social enterprise sectors, to make lasting and genuine change for the charities and social enterprises that do such vital work in our borough. This funding will help us to build on the recently launched Southwark Pioneers Fund helping support start ups and entrepreneurs from disadvantaged backgrounds.”

Seb Elsworth, Chief Executive of Access - The Foundation for Social Investment, said: “We all know charities and social enterprises do good work in our communities, but the sector’s power as an economic force, one which can help reshape local economies and in so doing tackle the most entrenched inequality, is often overlooked.

“We are delighted to be working with Southwark to help them to realise this potential and grow their local social economy through the tools of enterprise support and access to investment through blended finance.”

Cliff Prior, Chief Executive of Big Society Capital, said: “Where you were born should not affect your opportunity to live a happy and fulfilling life. But there are many areas in the UK that have experienced high levels of deprivation for many years, and even in relatively prosperous areas there can be pockets that reveal huge levels of inequality.

“We believe the Local Access programme offers an innovative approach to levelling up the disparity between places through developing the social economy. Crucially it is a pilot programme, and so we look forward to gathering the learning emerging from each of the places as the programme progresses.”

Page last updated: 31 January 2020