The new half-year transaction figures from Big Society Capital demonstrate that despite the political hurricanes of recent weeks, social investment is continuing to flourish, says Cliff Prior.

The last few weeks have been as wild as any period in decades. The referendum result, how it exposed long-term deep social challenges, the sudden realisation that “there is no plan”, the day-by-day political fallout, uncertainty in the economy, uncertainty about when and how Brexit will play out, and on and on. People talked about it being the Game of Thrones, about how The Thick of It could never have carried across a plotline like this.

Perhaps now it’s settling, at least for a while. Phase two will come later, when the Brexit and trade negotiations get under way. Meanwhile we have a pause to take stock. So where are we, for social investment, and how it works for the social sector?

At Big Society Capital we took stock right after the referendum: lots of general concern about uncertainty, a few more specific worries about EU funds and guarantees, but generally a waiting game.

Since then, we have seen massive change in ministers and their advisers. The civil society minister Rob Wilson remains in post but within a different department.  We have a big job to do to reconnect with the new leaders. In the process, many of the champions of social investment and the wider social economy have left the field.

So perhaps surprisingly, here at Big Society Capital we do not see this as a problem. We see it as a necessary change, and a change already under way: a move from social investment being lauded as a concept, to social investment being valued for what it can actually achieve. We see this as a good change, coming at the right time in the development of the sector.

BSC has now made 50 investments into intermediaries, there are now many more social investors operating, with more capacity and wider reach. That’s true at the small loans end as Access comes into operation, and at the larger end too. BSC itself has deployed over £100m, with commitments of over £270m, and has brought in committed co-investment of half a billion pounds. Take-up of the SITR tax relief is ramping up, crowdfunding is showing promise, community shares hit records last year, and mainstream banks continue to provide loans to the social sector. As our market sizing report showed in March, over 3,000 charities and social enterprises are using social investment totalling £1.5bn.

We are in a much stronger place to provide social investment as a valuable tool for the charities and social enterprises who need capital to achieve their mission in improving society.

It’s time to get serious about achieving results. Less rhetoric, more delivery. We are more ready to do that than ever before. The social investment system is by no means complete, with plenty of glitches to resolve, but we can respond to the social challenges facing the UK, including the powerful list set out by Theresa May in her acceptance speech.

So yes, storms can make trees take deeper roots. And in case you were wondering, that’s a quote from singer, songwriter and social entrepreneur… Dolly Parton.

Cliff Prior is chief executive of Big Society Capital