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PM to launch Big Society Bank

PM to launch Big Society Bank
David Cameron has this morning launched a £600m Big Society Bank to help tackle the UK's "deepest social problems".

The scheme uses a mixture of money from dormant bank accounts and the main high street banks to fund investment in charities and social enterprises.

In a speech at the London Stock Exchange this morning, the Prime Minister added that whilst change was "always difficult", the new scheme would help society to "expand".

"Change is always difficult. There are sceptics to convince, vested interests to overcome and arguments to be won. Big Society Capital provides some of the specific answers to some of the specific questions I have been asked. The top-down state controlled monoliths have failed. We have seen that in education, where we have seen standards rise.

"It is going to put financial muscle behind good things that are happening and will help them to grow. They have the brilliant idea of getting people who have been out of work for years to start up their own franchises."

Sir Ronald Cohen, chairman of Big Society Capital, told the Today programme this morning that the challenges facing his organisation were "enormous" but that he was confident they would succeed.

He said: "The scale of this is enormous but I believe it is real. If you look at what business entrepreneurs have been able to achieve over the last 30 years, it seemed the same at that time. It was almost impossible to think Briton would become business entrepreneurs, yet they have."

Green Box: PM to launch Big Society BankClick to open

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