The UK needs to do more to encourage greater philanthropic engagement from the country’s ultra-wealthy through innovative financial models like impact investing, prominent philanthropists have told a gathering of charity givers, wealth advisers and policymakers.
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The inaugural Giving and Impact Summit on Tuesday underscored the UK’s position as a global hub for philanthropic capital, not only domestically but also for international investors.
More than 130 wealth advisors, high-profile philanthropists, private trusts, foundations, and representatives from government, academia and the media gathered at the event, which organisers hope will be a watershed moment for the UK’s giving sector.
‘Room for growth’
In her keynote address, Lady Lynn Forester de Rothschild, widow of Evelyn de Rothschild, highlighted the disparity in charitable involvement between the UK and the US.
Only 10 per cent of the UK’s ultra-high-net-worth individuals are actively engaged in philanthropy, compared to more than 30 per cent in the US, she noted.
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‘While America has more favourable tax treatment of charitable donations than the United Kingdom,’ she said, ‘these numbers show that there is room for growth of the philanthropic sector in Britain.’
Her comments were echoed by Zaki Cooper and Nick Loughran, Co-Chairs of the Summit, who described the event as a key moment for advancing philanthropy in the UK.
‘The UK is a global philanthropic powerhouse,’ they said, ‘but it’s clear that more can be done by individuals, government, and the private sector to support life-changing charity work and the social sector.’
Among the other speakers were Sir Chris Bryant MP, Minister of State at the Department for Culture, Media and Sport, and Orlando Fraser KC, Chair of the Charity Commission, as well as notable philanthropists Lord Rumi Verjee, and Sir Lloyd Dorfman.
Discussions touched on the growing trend of impact investing, where financial returns are blended with measurable social and environmental outcomes, signalling a shift in how philanthropy can drive systemic change.
A call for policy reform
Coinciding with the Summit, more than 60 of the UK’s most prominent philanthropists, including Sir Paul Marshall, Baroness Martha Lane Fox, Sir Martin Sorrell, Sir Stelios Haji-Ioannou, and Mark Sainsbury, signed a joint letter, published in the Daily Telegraph, calling on the Government to implement reforms that would encourage greater philanthropic giving. Among the key requests were the automation of Gift Aid, a move that could potentially save UK charities up to £564 million annually, and an increase in match funding for sectors such as education and the arts.
