Gareth Thomas
Main Page: Gareth Thomas (Labour (Co-op) - Harrow West)Department Debates - View all Gareth Thomas's debates with the Cabinet Office
(10 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Maude
I was able to announce a couple of weeks ago that in the last financial year, 2012-13, we made over £10 billion of efficiency savings. It is a pity that it has taken so long to get on with this. If the present Leader of the Opposition had started on the process when he was in my position, the country’s public finances would now be in a much better state.
Mr Gareth Thomas (Harrow West) (Lab/Co-op)
The single biggest source of new social finance for charities and social enterprises would be a UK community investment Act that required banks to lend into areas that they are not currently lending into. Why are the Government blocking such reforms?
The Parliamentary Secretary, Cabinet Office (Mr Nick Hurd)
I think that is the first Labour policy announcement I have heard in three years. In answer to the hon. Gentleman’s question, this country is the acknowledged world leader in developing a new source of finance for social organisations. It is called social investment, and it was the subject of a special meeting of the G8 this week, at which everyone stood up and said that Britain was recognised as a world leader in this regard, not least because of our creation of big society capital, which has £600 million on its balance sheet, to make it easier for charities and social enterprises to access capital.