Ethical investments on the way from government?
A government bank which is to focus on providing investments into ethical projects will have a consultation launched today (July 16th).
The government is getting set to launch the first dedicated ethical investment bank in the UK in a consultation which will decide how it will work.Announced in Alistair Darling's Budget report in April, the Social Investment Wholesale Bank will allow consumers to put their money into more ethical investments such as the environment and society.
The Cabinet Office has said that the bank could lead the way for a "new breed of financial institution", and the 12-week consultation being launched today (July 16th) will see social finance experts discuss the possibilities for the workings of the fund.
These include raising money from existing ethical investment makers or attracting wealth from other banks which are interested in improving their social responsibility record.
Angela Smith, minister for the Third Sector in the Cabinet Office, said: "The launch of this consultation is an exciting step on the road towards a Social Investment Wholesale Bank.
"I look forward to hearing evidence and views on how this bank would work with and for our third sector to ensure that charities, voluntary groups, social enterprises, co-operatives and mutuals grow stronger and are in a better financial position to lead the way in building Britain's future."
A recent survey by Friends Provident showed that British people want to make a profit on equities, but also care about the social, environmental and ethical effects of their investments.
The report showed that 74 per cent of British people currently making investments said it was important to take into account ethical issues when doing so while 54 per cent believe there is a greater imperative now than 25 years ago.
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