Oral Answers to Questions

Debate between John Glen and Oliver Letwin

Wednesday 15th June 2011 Commons Chamber

[Anne Marie Morris (Newton Abbot) (Con)]

11. What progress he has made on establishing a big society bank.

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

I am delighted to say that we are making extremely good progress in establishing the big society bank. Sir Ronald Cohen and Nick O’Donohoe, with whom I met recently, have put an outline of the proposals on the website. They are now working with the actuary and the administrators of the dormant accounts. So as not to waste time while we wait for state aid clearance, we have also established a high calibre interim investment committee in the Big Lottery Fund to begin work immediately.

[John Glen]

I thank the Minister for that response. What safeguards will be in place so that when small charities seek to access funds from intermediaries they will be making worthwhile investments and not causing themselves to fall into significant debt?

[Mr Letwin]

My hon. Friend makes an extremely good point. It is tremendously important that the voluntary and charitable sector does not get into a debt spiral, and for that reason the big society bank’s plans involve trying to promote patient capital and risk capital that will allow the voluntary and community sector to expand without becoming over-geared and being put in financial peril.

Oral Answers to Questions

Debate between John Glen and Oliver Letwin

Wednesday 2nd March 2011 Commons Chamber

[Mr Letwin]

I do indeed, Mr Speaker; I am very grateful to you.

My hon. Friend is absolutely right to ask this question because we attach a huge amount of importance to trying to open up contracts to small and medium-sized enterprises. We have launched the Contracts Finder website, which is of enormous advantage to them, and we are getting rid of vastly burdensome pre-qualification materials. Opposition Members may be interested to know that a document such as the one I am holding is what small and medium-sized enterprises had to fill out over and over again in pre-qualification. We are now reducing that and eliminating it in many cases.

[John Glen]

I thank my right hon. Friend for his reply. A business in my constituency offers a proven low-cost solution to helping individuals back to work, but it is finding it impossible to get access to Government. Can my right hon. Friend advise Gary Roberts of Cavendish Films how he can open a dialogue and ensure that these potential huge savings are given a fair hearing?

[Mr Letwin]

I would be delighted to welcome my hon. Friend and his constituents from Cavendish Films to discuss that very issue. The Minister of State, Department for Work and Pensions, my right hon. Friend the Member for Epsom and Ewell (Chris Grayling), has constructed the Work programme in a way that enables the main contractors to deal with the vast range of subcontractors on a payment-by-results basis, and I am sure there is plenty of opportunity for my hon. Friend’s constituents to be introduced to the participants in that programme.

Oral Answers to Questions

Debate between John Glen and Oliver Letwin

Wednesday 14th July 2010 Commons Chamber

[Mr Letwin]

It appears that there is a combined effort on the Labour Benches to persuade me to adopt the role of a Treasury Minister, which I am not and cannot do. Of course, we are conscious of the burdens that fall on the voluntary sector. However, for many people in that sector, a framework that enables them to do what they do best, in a way that achieves results, is what really counts. My response to my hon. Friend the Member for Congleton (Fiona Bruce) is the response to that.

[John Glen (Salisbury) (Con)]

4. What progress he has made in establishing the Big Society bank.