Government backs new industry-led 'investment taskforce' to boost economic recovery

The government has announced the launch of a new industry-led investment initiative aiming to support the UK’s economic recovery.

A new, industry-led Impact Taskforce that will harness private finance at scale to ensure a sustainable recovery from Covid, has received government backing.

Set to develop recommendations that will be made to Foreign and Development Ministers and the financial sector globally, the Taskforce will explore standards for measuring the social or environmental impact of financial investments and financial products that best mobilise investment.

James Duddridge, Foreign, Commonwealth and Development Office Minister, commented: “The UK is once again shining a spotlight on the power of finance to drive not only growth in our economies, but also positive impact on our society and the environment.

“Having seeded the impact investing agenda in our last G7 presidency, we are delighted that the Taskforce will now draw on the experience and know-how of what has become a global impact finance market.”

Nick Hurd, chair of the Impact Taskforce, added: “The state of our world requires a change in mindset from governments and the market. It will not be enough for private capital to do less harm.

“We need to mobilise trillions of dollars into investments that combine return with positive social or environmental impact. The Impact Task Force will show how that can be done.”