Oral Answers to Questions

James Morris Excerpts

Wednesday 7th September 2011 Commons Chamber

The Minister for the Cabinet Office was asked—

[James Morris (Halesowen and Rowley Regis) (Con)]

1. What progress he has made on establishing the big society bank.

[The Minister of State, Cabinet Office (Mr Oliver Letwin)]

I am delighted to be able to tell my hon. Friend that we are making excellent progress in establishing the big society bank. I am equally delighted to be able to tell him that it will be called the Big Society Capital group.

Big Society Capital announced appointments to the management and board in July. It is now securing Financial Services Authority and state-aid approval, and we expect it to be open for business in the spring.

[James Morris]

Does the Minister agree that the most important thing about the initiative is that it gets funding to organisations in some of the most deprived communities in my constituency?

[Mr Letwin]

My hon. Friend is a noted, effective and passionate advocate of his constituency. It is of course for Big Society Capital itself to decide exactly where it places its investment funds, but I have absolutely no doubt that it will want to prioritise social intermediaries who focus on those families who are most vulnerable, and on those individuals and families who are most in need of help.