Oral Answers to Questions

Sandra Osborne Excerpts

Wednesday 13th June 2012 Commons Chamber

[Mr Maude]

Yes, indeed. I recommend that the Department for which the hon. Lady’s constituent works investigate the use of the telephone, which has been around for quite some time.

[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.

[Sandra Osborne]

I thank the Minister for that response. Cathy Pharoah of the Centre for Charitable Giving and Philanthropy has said that Big Society Capital is likely to be biased in favour of safe lending. How will the Minister ensure that smaller projects with higher-risk clients have access to it?

[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.