Oral Answers to Questions

Tom Blenkinsop Excerpts

Wednesday 2nd March 2011 Commons Chamber

[Tom Blenkinsop (Middlesbrough South and East Cleveland) (Lab)]

2. What steps he plans to take to ensure that the big society bank has a social mission as part of its statutory remit.

[The Minister for the Cabinet Office and Paymaster General (Mr Francis Maude)]

In our social investment strategy, announced on 14 February, we set out that the big society bank will be an independent institution with a locked-in social mission and initial capital provided by the banks. Sir Ronald Cohen and Nick O’Donohoe are working with us and the banks to put forward a proposal on how best and most speedily to achieve that.

[Tom Blenkinsop]

As how the big society bank will be set up and the terms on which it will receive capital from UK banks are still unclear, will the Minister explain how he will guarantee the bank’s social mission and ensure that it does not become like other mainstream lenders?

[Mr Maude]

As I said, the social remit will be absolutely built into its mission; it is a crucial part of it, so it will be locked in. I have to say that criticism comes poorly from Labour Members who have talked about creating a social investment bank for many years. Frankly, on taking office last May, I expected to find well-prepared plans, but when I opened the file, I found it pretty much empty.

--- Later in debate ---

[The Prime Minister]

The hon. Gentleman makes a very good point. In 13 years, the previous Government never electrified the west coast main line out to Cardiff. We have managed to announce it within nine months. He is absolutely right. The good news is not just the electrification of the line to Cardiff, but the new factory in Newton Aycliffe that will build the trains and that we are pressing ahead with High Speed 2.

[Tom Blenkinsop (Middlesbrough South and East Cleveland) (Lab)]

Q13. Does the Prime Minister think he was right to tell journalists on a plane that the United Kingdom is paying bribes to Libya, and does he agree with the Foreign Office’s assessment that he was “loose-tongued and reckless”?

[The Prime Minister]

I am, of course, very grateful for that question. The point I would make is that in getting people out of Libya, we did have to pay some facilitation payments for the services in the airport. As the hon. Gentleman says, I am sure that those were entirely proper.