A suburb of Leeds will launch what is thought to be the UK’s first local investment fund, offering investors a higher return on their money than most savings accounts.
From Monday, anyone with at least £200 can buy shares in a fund set up to improve Headingley, a student-heavy neighbourhood two miles north-west of Leeds city centre.
Investors are told to expect a 2% annual return on their investment as early as next year – double the rate offered by most banks on tax-free Isas.
The money will be invested in a range of local projects, including a much-loved community centre and an initiative to buy up local houses to rent out at below-market rates.
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