- 6 updates
The Government have announced a fund of £600 million to fund social enterprises and charities.
It is part of David Cameron's Big Society agenda- a vision of a society where individuals and communities have more power and responsibility. Read more here.
Labour’s Shadow Minister for the Cabinet Office responds to the Government’s launch of Big Society Capital:
A multi-million pound fund to help finance David Cameron's Big Society plans will be launched today.
Big Society Capital has £600 million pounds, from dormant bank accounts and the main High Street lenders, to invest in charities and social enterprises.
Charities and community groups are being offered a new way to get funding.
£600million is being made available as part of the Government's ‘Big Society’ agenda.
The new 'bank' will hand money to groups that can prove they can generate enough income to repay the investment.
David Cameron said a new £600 million Big Society fund would be used to help tackle the country's "deepest social problems".
The Prime Minister claimed the money would help "smash away" the "patronising assumption" that small charities cannot do big things.
The initial capital for the fund will be an estimated £400 million in unclaimed cash from bank accounts dormant for more than 15 years and £200 million from Barclays, Lloyds, HSBC and RBS.
Money from ‘dormant’ bank accounts is being used to help fund David Cameron's Big Society plans.
£600 million is being made available to fund investment in charities and social enterprises with the Prime Minister saying the money will help tackle the country's "deepest social problems".