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.