Ecclesiastical: charities say banks have duty to give more
British banks and financial traders are morally obliged to increase their charitable contributions due to their role in sparking the financial crisis and ensuing recession, according to more than half of Britain’s charities.
The research, commissioned by specialist insurer Ecclesiastical, found that 53% of charities thought that banks had a moral duty to offer more donations as the country’s charities are hit by the economic squeeze.
Many charities also stated that they were considering decreasing their operations or merging, with 23% indicating they might merge and 14% stating they were cutting back or closing.
More than half (54%) believed 2011 would be around as difficult as 2010, with the remainder evenly split between believing it would be harder or easier than the previous year.
Director of Underwriting Paul Bloxham explained that the survey revealed that the charitable sector was caught between a rock and a hard place as they suffer a combination of increased demand and cuts in funding.
Category: Insurance News
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