Reassurance for smaller charities caught in credit crunch crisis…
Speaking on behalf of Gordon Brown at Prime Minister’s Questions yesterday, Harriet Harmon, Leader of the House of Commons, reassured small charities that any funds they have deposited in Icelandic banks are safe. According to Harmon, small charities would receive the same protection as individuals, with any assets up to the value of £50,000 being protected against loss.
This confirmation comes at the end of a turbulent week for the voluntary and charity sectors. Voluntary groups and charitable organisations have reacted with frustration and disappointment at the government’s apparent lack of concern for them and spoken out about the “serious threat” of the credit crunch on their existence.
Harmon went on to add that work was also being carried out on behalf of larger charities. It is hoped that a cash injection of £100 million and the freezing of Icelandic bank assets will safeguard any deposits belonging to larger charitable organisations.
Read the latest guidance from the Charity Commission on this matter here:
http://www.charity-commission.gov.uk/news/ice.asp
Source: Charity Commission
j4bfunditpundit
Whilst welcome, I very much doubt that £50k would assist many of these charities that have, by all accounts, lost £millions. The British public is the second largest giver in the world, what a pity our hard-earned money, provided in good faith, is being so readily handed to the Icelandic banks and the shareholders that have made so much out of their rapid expansion.
By: UK Voter on October 20, 2008
at 12:16 pm