Office for the Impact Economy

Lord Wallace of Saltaire Excerpts

Wednesday 17th December 2025 Lords Chamber

[Baroness Anderson of Stoke-on-Trent (Lab)]

My Lords, the office is already building partnerships to benefit people in exactly the way my noble friend has outlined. We are working with MHCLG to secure match funding for the £5 billion Pride in Place programme, and with DHSC on the neighbourhood health implementation programme. In the early years space, we are supporting the DfE’s Blended Finance Facility and working with it on the Best Start Family Hubs match fund and of course the better futures fund, the biggest outcomes fund in the world, which will change the life chances of over 200,000 children over the next decade. This is only the beginning. The Office for the Impact Economy really will help us deliver on our promise of national renewal.

[Lord Wallace of Saltaire (LD)]

My Lords, the Liberal Democrats are strongly in favour of a larger third sector—mutuals, non-profits and charities—rather than outsourcing, for example, special needs or care homes to the private equity sector instead. The Social Impact Investment Advisory Group’s report, which foresaw the setting up of this new office, said priority one was to establish

“visible leadership at both ministerial and senior civil service levels”.

Does the Minister agree that visibility has been rather blurred so far and that, if one wants to attract the wealthy philanthropists into partnership with the government to strengthen the third sector, a great deal more visibility is needed?

[Baroness Anderson of Stoke-on-Trent (Lab)]

My Lords, I thought it was the season of goodwill and I genuinely thought there was going to be a positive question. In terms of visibility, let us be clear that the Office for the Impact Economy was announced by the Prime Minister—I am not sure how much more visible or committed we can be. Also, the main Minister leading this is the Chief Secretary to the Prime Minister, who will be overseeing its implementation, along with my right honourable friend Lisa Nandy, the Secretary of State for Culture, Media and Sport. This is being led at the highest level, with huge commitment. This is an excellent report, led by Dame Elizabeth Corley. We thank her for her work. We are now seeking to work with her and the wider team to co-design what happens next, to make sure that we can deliver on the promises that can come from the impact economy.