Oral Answers to Questions

Robert Halfon Excerpts

Wednesday 2nd March 2011 Commons Chamber

[Mr Maude]

I am sorry that the hon. Gentleman does not think that building a bigger, stronger and more cohesive society is worth while, particularly given that the role of the state is having to retrench severely as a result of the financial incontinence of the previous Government of the party that he supports. I am sorry to have to remind him that when the coalition Government took office his Government were spending £4 for every £3 in revenue and had the biggest budget deficit in the developed world. So less money is available and building a bigger, stronger society, which I would have thought he would support, is a very worthwhile exercise for not only the whole Government, but the whole of Parliament.

[Robert Halfon (Harlow) (Con)]

Will the ministerial group examine the role of the big society bank to see whether it can be run on national credit union lines, so that it can link up with local credit unions and ensure that the money cascades down to community groups at the grass-roots level?

[Mr Maude]

The social investment market has been growing in recent years but it needs additional wholesale funds, both from the big society bank and from freeing up the guidelines on investment by trustees of big philanthropic foundations. That will grow the social investment market significantly, and the credit union movement, which is extraordinarily important and has a very important social mission, can be an important partner in that progress.