Big Society Bank will concentrate on youth projects, says children's minister 1

Finance | Vibeka Mair | 4 Nov 2010

Chidren’s minister Tim Loughton has confirmed that the majority of funds in the Big Society Bank will be used to fund youth projects.

Loughton, who was speaking at the National Council for Voluntary Youth Services’ annual conference, said he had won the battle to keep most of the funds in the Big Society Bank for projects benefitting young people.

He added that the government hoped the bank would be up and running by June, not April as has been previously stated.

The previous government had pledged that youth work would be the primary beneficiary of dormant bank account assets (being used to fund the Big Society Bank).

However, when the coalition government gained power in Spring, it decided to use the money for a Big Society Bank which David Cameron said would fund a wide range of charity projects.

Loughton’s announcement yesterday suggests there has been a u-turn back to the original proposal.

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Gordon Hunter
Director
Lincolnshire Community Foundation
5 Nov 2010

Wishful thinking Minister. Publishing an assertion does not make it a fact. Besides:
How and when will we persuade the banks and pension administrators to open the vaults?
How will the Big Society Bank operate and at what cost?
What does the public want? NESTA research is ongoing and the lobbying phase is far from over ......

I would like to assert that we will raise £200 million from dormant accounts (but not before 2012!); it will be devolved to the UK's 58 community foundations; it will be used to stimulate BIG Society through local action, thus creating sustainable communities and saving Councils a fortune.

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