Government announces Inclusive Economy Unit

11 Oct 2016 09:32 AM

The government yesterday announced a new Inclusive Economy Unit to be based in the Office for Civil Society in the Department for Culture, Media and Sport.

The new unit will bring together the expertise of the public, private and civil society sectors to help build an economy and a Britain that works for everyone, not just the privileged few.

In particular it will focus on expanding opportunities for those who are struggling to cope; harnessing the power of private investment and business for the advantage of everyone as well as improving delivery of public services.

The new unit builds on the existing Social Investment and Finance Team in the Office for Civil Society by strengthening the social investment market and social impact bonds, expanding public service mutuals, and supporting mission-led business.

The new unit will not take on any new policy roles within government, but will work in partnership with government departments.

The inclusive economy unit will continue to:

• Encourage better use of private investment and support markets that deliver social impact as well as financial returns.
• Improve delivery of public services: increasing social impact while bringing value for money in the commissioning of public services
• Encourage responsible business, from social enterprise startups to companies that aim at ‘profit with purpose’

The unit will be staffed by the existing team who have been working on social investment policy, partnering with government departments, civil society organisations and businesses.

Rob Wilson, Minister for Civil Society said:

A strong civil society works best when all parts of the economy and of society are being used to their full potential.

This unit will bring together the expertise of the public, private and civil society sectors to achieve this and help us build an economy and a Britain that works for everyone, not just the privileged few.

Karen Bradley, Secretary of State said:

This new unit will further increase DCMS’ contribution to building an inclusive society with opportunity for all. There has never been a more important time for government, civil society and the private sector to come together to deliver a country that works for everyone.