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Press Release

CAF's response to The Chancellor's Autumn Statement 2011

29 November 2011

Responding to The Chancellor, George Osborne's Autumn Statement given today, John Low, Chief Executive of the Charities Aid Foundation commented saying;

"As a major stakeholder in the UK economy the voluntary sector will be impacted by many of the announcements made today by The Chancellor including the £1bn "youth contract", the freeze in fuel duty and the review of TUPE arrangements.

"The announcements on credit easing and personal investment could offer some assistance to charities struggling with limited funding and no access to capital.

"We hope that the Government will ensure that the £20billion National Loan Guarantee Scheme for SMEs is fully open to social enterprises and charities through both mainstream banks and specialist lenders. We also hope that the review of the existing Enterprise Investment Scheme and Venture Capital Trusts incentives will help to address some of the barriers to social investment which currently exist; in particular the exclusion of the sort of debt and quasi-equity finance that is currently preferred by social investors. Similarly the new Seed Enterprise Investment Scheme should try to avoid these known barriers from the outset.

"We are also pleased that the Government has announced the introduction of the long-awaited VAT cost sharing exemption.

"The increase from £20m to £30m in the amount of tax relief available under the new scheme for gifts of pre-eminent works of art and the acceptance in lieu scheme will be welcomed by many fundraisers."



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Charities Aid Foundation

Charities Aid Foundation

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