Graham Allen
Main Page: Graham Allen (Labour - Nottingham North)Department Debates - View all Graham Allen's debates with the Cabinet Office
(10 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hurd
The hon. Lady totally ignores the reason why there are cuts in the system, which is to get control of the deficit that we inherited. We passionately believe in the value of youth services for young people. That is why we have developed the National Citizen Service, which has an evidence base to support the value that it gives to young people. As I have said, we are now prepared to work with local authorities to see how they can commission, in an innovative way, really effective youth services in their area.
Mr Graham Allen (Nottingham North) (Lab)
4. What progress he has made on developing social finance.
The Minister of State, Cabinet Office (Mr Nick Hurd)
Britain is proud to lead the world in developing the emerging market of social investment. Big Society Capital has already committed £140 million, and the number of social impact bonds has risen sharply. Grants are flowing to help social entrepreneurs to become more investment-ready, and a new tax relief will go live in April.
Mr Allen
I refer to my entry in the Register of Members’ Financial Interests.
Having properly evidenced early-intervention programmes is the biggest known deficit reduction programme. In order for such programmes to start up, we need effective social finance. Will the Minister meet me to discuss what more his Department and, above all, Big Society Capital can do to maximise that possibility?
Mr Hurd
I congratulate the hon. Gentleman on his leadership in setting up the Early Intervention Foundation and on the work that it published today on domestic violence. He is entirely right that part of the value of social investment is its ability to create space to finance early intervention. That is where a lot of the social impact bonds that I mentioned are focused. I know from my conversations with Big Society Capital that it is very interested in engaging with What Works centres, including the Early Intervention Foundation. Following the hon. Gentleman’s question, I will write to the chief executive, asking him to update me on his engagement with the Early Intervention Foundation and other What Works centres.