Social Enterprise

Lord Newby Excerpts

Tuesday 10th January 2017 Lords Chamber

[Lord Ashton of Hyde]

In order to increase the flows of capital to social enterprise in the United Kingdom we are strengthening the infrastructure of the market; for example, by setting up organisations such as Access that bridge the gap between social enterprises and social investors. We are working to open up social investment products to individuals by setting up an advisory group made up of senior representatives of the investment industry.

[Lord Newby (LD)]

My Lords, will the Minister consider extending the scope of the social value Act so that social enterprises could bid more successfully for public sector contracts in goods, as well as for services?

[Lord Ashton of Hyde]

Of course the noble Lord is correct to mention the social value Act. We are undertaking measures to improve that—for example, social value awards, implementation and measurement projects, and a cross-Whitehall paper to demonstrate our commitment to that Act. A panel of external social value experts is providing constructive challenge on the findings and I can tell the noble Lord that final drafting is under way and will be out soon.