The housebuilder Barratt Redrow, Heathrow Airport and the outsourcing giant Mitie are among a group of businesses backing the launch of a coalition aimed at tackling barriers to investment in local areas across Britain.
Sky News understands that the Social Value Commission, which will also include E.ON UK, the utility, and VodafoneThree, will launch on Friday with the objective of mobilising investment which delivers value to local communities.
The group has written to Rachel Reeves, the chancellor, to seek Treasury support for the initiative.
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In its letter, the coalition, which also includes the real estate group Knight Dragon and Pension Insurance Corporation, said it would conduct extensive polling to gauge the level of understanding that voters have about the delivery of public money into projects in their areas.
The Social Value Commission’s launch comes amid reports that the Pride in Place programme, for which £5bn of government funding has been earmarked, will deploy money in dozens of areas expected to be targeted by Reform UK at the next general election.
The letter to Ms Reeves said the group was “committed to financing and delivering community-led investment and private sector initiatives across the UK, including regeneration, mobile and transport connectivity, skills development, housebuilding and renewable energy projects”.
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“The Commission has been launched to mobilise investment that delivers social value while supporting the government’s ambition to get Britain building again and to help communities thrive in the UK.
It added: “Ahead of the elections in May, we will conduct comprehensive polling and focus groups throughout the UK to understand what makes people feel that their communities are truly thriving, how they view existing and new developments in their area, and how to ensure that private sector investment across the country is delivering positive change in people’s lives.”
The Social Value Commission said it would hold roadshows with regional authorities, universities, and other stakeholders, including civic organisations, “to help identify the economic, social, and cultural barriers to investment in regeneration and infrastructure delivery”.
A policy paper containing recommendations for how central and local government can work with the private sector to boost community investment is likely to be concluded later this year.
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The secretariat for the new commission will be run by WPI Strategy, a public affairs firm which has overseen similar initiatives focused on issues including the economy’s recovery from COVID-19 and UK productivity.
