Simon Hughes
Main Page: Simon Hughes (Liberal Democrat - Bermondsey and Old Southwark)Department Debates - View all Simon Hughes's debates with the Cabinet Office
(13 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Maude
As I said, the social remit will be absolutely built into its mission; it is a crucial part of it, so it will be locked in. I have to say that criticism comes poorly from Labour Members who have talked about creating a social investment bank for many years. Frankly, on taking office last May, I expected to find well-prepared plans, but when I opened the file, I found it pretty much empty.
Simon Hughes (Bermondsey and Old Southwark) (LD)
The Minister will know that I welcome the bank. What priorities will it have to fund projects associated with, and supporting, young people?
Mr Maude
That will be one of the bank’s priorities. The legislation allowing the money from dormant bank and building society accounts to be put into a social investment bank provides a priority for youth projects. As I say, this will be a serious priority. The bank will be able to provide wholesale funds into the already growing social investment market, for which there is a huge demand. We want to see much more money—including, over time, mainstream finance from the mainstream banks—being made available for this market.