John Glen
Main Page: John Glen (Conservative - Salisbury)Department Debates - View all John Glen's debates with the Cabinet Office
(13 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Letwin
It appears that there is a combined effort on the Labour Benches to persuade me to adopt the role of a Treasury Minister, which I am not and cannot do. Of course, we are conscious of the burdens that fall on the voluntary sector. However, for many people in that sector, a framework that enables them to do what they do best, in a way that achieves results, is what really counts. My response to my hon. Friend the Member for Congleton (Fiona Bruce) is the response to that.
John Glen (Salisbury) (Con)
4. What progress he has made in establishing the Big Society bank.
The Parliamentary Secretary, Cabinet Office (Mr Nick Hurd)
The Government are committed to setting up that independent wholesale bank to develop the market for social investment. It will be funded by dormant bank accounts and I will work with ministerial colleagues to establish it by April 2011.
John Glen
When visiting the River Bourne community farm in my constituency in Salisbury and many other community groups, I found that one of their big concerns is the bureaucracy that they might face when accessing the funds from the Big Society bank, though they are encouraged by its creation. Will my hon. Friend confirm the process and the means whereby small community groups, which do not have the information, can access those much needed funds?
Mr Hurd
The intention is for the bank to be as independent and unbureaucratic as possible. It will be a wholesaler, not a retailer, so it will support intermediaries that are growing the market for social investment. If it invests in social enterprises in Salisbury, it will do so through intermediaries that have structured financial products, such as social impact or community bonds that connect private capital with the opportunity for good, and for social impact.