Ann McKechin
Main Page: Ann McKechin (Labour - Glasgow North)Department Debates - View all Ann McKechin's debates with the Cabinet Office
(12 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Sandra Osborne (Ayr, Carrick and Cumnock) (Lab)
2. What steps he plans to take to measure the social impact of Big Society Capital.
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?