Oral Answers to Questions

Debate between Nick Hurd and Ann McKechin

Wednesday 13th June 2012 Commons Chamber

[Ann McKechin (Glasgow North) (Lab)]

9. What steps he plans to take to measure the social impact of the Big Society Capital.

[The Parliamentary Secretary, Cabinet Office (Mr Nick Hurd)]

Big Society Capital exists to make it easier for charities and social enterprises across the UK to access capital. It has two measures of success: growth in social investment and the social impact of its investments. It is required to report annually on both the social and financial performance of those investments.

[Mr Hurd]

Big Society Capital is a fundraising organisation with a social mission and exists to correct a market failure. It will support innovation and grow the new social investment market and will invest across a range of products. All we have asked it to do is ensure that it secures a sufficient return to cover its costs.

[Ann McKechin]

In a written answer to me on 11 June, the Minister stated:

“The Investment and Contract Readiness Fund applies to England only.”—[Official Report, 11 June 2012; Vol. 546, c. 218W.]

Given that Big Society Capital is for the whole United Kingdom, how will companies in other parts of the country be able to secure the same assistance?