It was interesting to see in the Cambridgeshire news that “The Cambridge ‘Bank’ is at last properly open for business and offering up to 5% return on your cash. It is called The Cambridgeshire Provident Society and is accepting applications for investment in its ‘Sunshine Shares’, which are all about solar power.
CPS is a mutual, rather like the old building societies, according to prime mover Peter Dawe, who created the country’s first internet service provider and became a multi-millionaire in the process. “Being a mutual means that all profits will be donated to local charities nominated by our shareholders,” he said. “Our hope is that there will be hundreds of thousands of pounds in profits to distribute in a few years.” “We believe our launch interest rate of 3% is competitive with commercial offerings, and where investors benefit from EIS tax relief, the rate of return can be equivalent to over 5%. Our aim is to raise £20m in this fund within a year.”
“Our hope is to redefine how and where people put their savings. Once again it looks like Cambridge will be the pioneers in ‘The New Capitalism’, even if it is actually 19th century ‘Mutualism’.”
As Independent Financial Advisors we at Enable like to see a full complement of investments in anyone’s portfolio. It is always good to see a local business having big ideas and energy will be vital to all of our future well being and viability.
No comments:
Post a Comment