Big Society Bank to give out first funds by next April

Finance | Tania Mason | 16 Jun 2010

The coalition government is aiming to have the Big Society Bank open for business by April next year, according to the Cabinet Office Structural Reform Plan published this week.

The plan covers six departmental priorities, the last of which is to “support the building of the Big Society”. It lists a number of actions that will facilitate this, with start and end dates for each.

Under ‘Get more resources into the sector – social investment, giving and philanthropy’, the action “Work with HM Treasury to use funds from dormant bank accounts to establish a Big Society Bank, to provide new finance for social enterprises, charities, neighbourhood groups” will start this month and the first funds will be available by April next year.

A review of options to incentivise more social investment and philanthropy – presumably including gift aid – will be completed by January 2011.

And identifying and agreeing the reform required to reduce bureaucracy and increase trust in the public commissioning process, while creating a more level playing field for the voluntary sector, has a deadline of December 2010.

The Cabinet Office has also committed to invite Parliament to create a Select Committee for Civil Society by November 2010; taken actions to reduce the burden of bureaucracy on the sector by February 2011; announce a date for a day to celebrate social action by September 2010, and create a fund to support the creation of neighbourhood groups by December 2010.

However, all the commitments within the plan carry the caveat: “The action in this plan may be subject to the Autumn Spending Review”.

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