Eastside Primetimers chief executive Richard Litchfield has been quoted in the Financial Times, responding to the first review into the performance of Big Society Capital.
The FT article notes that “The report found that, given the low interest rate environment, BSC’s returns “appear to be a high starting point”, possibly adding an unnecessarily high layer of costs to social-sector organisations already surviving on small profit margins”. Litchfield agrees, saying:
“Why should the wholesaler be aiming to make a commercial return, given that it was founded with a windfall of dormant assets intended for the good of the social sector”
This follows on from a debate we sought to initiate in the sector last year about the future of social investment, including a piece in Pioneers Post, which has drawn subsequent responses and contributions from then-BSC chief executive Cliff Prior, Seb Elsworth, David Floyd, Niamh Goggin and Jess Daggers.