Oral Answers to Questions

Graham Allen Excerpts

Wednesday 30th April 2014 Commons Chamber

[Mr Maude]

We will take the same approach as the Government the hon. Gentleman supported—I think he was an adviser to the last Government—when they set up NHS Shared Business Services, which is also a joint venture with Steria. A number of jobs were offshored, but Britain has benefited because that entity has also created more jobs in the UK. We take the same approach as his Government took.

I will cheerfully take up your sensible suggestion, Mr Speaker, of writing to my hon. Friend the Member for Kettering (Mr Hollobone).

[Mr Graham Allen (Nottingham North) (Lab)]

3. What progress his Department has made on developing social finance.

[The Minister for Civil Society (Mr Nick Hurd)]

I am proud that Britain leads the world in developing social investment. The hon. Gentleman is a tireless champion of its power to support early intervention. A new tax relief has gone live this month. There are now 15 social impact bonds in operation. I hope that he will welcome our announcement today of two more funds to support social impact bonds, which we believe will generate better outcomes for young people who are at risk of not being in education, employment or training.

[Mr Allen]

There is an important judgment from the European Court of Justice today on the Robin Hood tax, which will have a big influence on civil society and the big society. However, that will be minuscule compared with the potential impact of a serious social impact bond market on early intervention, which the Minister mentioned, and on council projects. It is two years since Big Society Capital was established, so is it not time to review the working of the Act that set it up to see whether we can take it further?

[Mr Hurd]

I am very proud of Big Society Capital as an institution. I have seen the impact that its investments are having on the ground. It has committed £149 million and has done important work to build this important market. It is just two years in and is about to publish its second annual report. We are always looking to ensure that it succeeds. I am more than happy to pass that question on to the Big Society Trust, which is its governing body, and get its response.