Britain should prioritise global philanthropic capital, foreign investors say
A group of overseas philanthropists has identified the UK as one of the most fertile places to invest for impact, and the hope to see social investment prioritised ahead of the budget.
In an open letter seen by Morning Wire, six foreign investors labelled the UK a leader in science and innovation, highlighting “the virtues of the UK as a destination for our philanthropic capital.”
Reid Hoffman, David Pyott, Gaurav Burman, James Chen, Peter Samuelson, and V. Shankar all added their signatures to the letter.
It follows the Giving and Impact Summit hosted at the London Stock Exchange last week, where wealth advisers, philanthropists, and policymakers discussed the UK’s global role in charitable giving.
The letter said: “For those looking to maximise the impact of their giving, the UK offers compelling opportunities to contribute to high-impact initiatives tackling global challenges, for example in healthcare or climate change.
“The UK is often lauded for its soft power and part of this is its magnetic attraction of philanthropy from different parts of the world, allied to its ability to act as a hub for global philanthropy.
“We hope that the UK will continue to pull in philanthropic capital and social investment from individuals and institutions all over the world.”
‘More that can be done’
The Giving and Impact Summit also featured a plea from 60 British philanthropists calling for the automation of Gift Aid and increased support for matched funding, and philanthropic training, ahead of the Autumn Budget.
That letter was published in the Telegraph and signed by various successful entrepreneurs and philanthropists, such as Ajaz Ahmed, Carol Shanahan and Sir Martin Sorrell.
It referenced Britain’s crown as being a “generous nation” — with £13.9bn in charitable donations last year — but said there is still “more that can be done”.
“Successful entrepreneurs and wealth creators can redouble their efforts to address acute social problems, not just by donating money but also time, skills and leadership,” the letter read.
“As well as domestic philanthropists, the UK is also a magnet for philanthropists based overseas, who may wish to support our world-class universities, museums, galleries or other institutions.”