What’s Happening in the Third Sector?
New Research Values Volunteering at £324 Billion per Year
New research from Works4U, a social enterprise supporting community volunteering, reveals that volunteering in England and Wales is valued at £324 billion annually, equivalent to nearly 15% of the UK’s Gross Domestic Product (GDP).
The study estimates that the monetary value of charity trustees in England and Wales amounts to nearly £33.2 billion yearly. They recommend that a dedicated government department for volunteering and the voluntary sector should be set up to address current and future challenges.
The report calculates that volunteering contributes around 14.5% of the UK’s GDP, emphasizing the significance of volunteering’s economic impact. While acknowledging potential errors in estimations, it highlights the substantial economic contribution of volunteering which is essential to the UK’s societal fabric. However, the calculations don’t include volunteering in Scotland and Northern Ireland.
The writer of the report, Dominic Pinkney, emphasises the importance of recognising volunteering as an integral part of the UK’s economy and society.
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