Big Society, Economy, THE GRAPEVINE! news, comment & a bit of gossip, Welfare to Work

– Its a pity! Big Society bank and the Work Programme

Big Society Bank could lend support to Work Programme bidders

Social enterprises looking to bid for Work Programme contracts could be financed by the Big Society Bank.

Its a pity we did not know this before 14th Feb

The Government’s Social Investment Strategy notes that “We need a better enabling environment for social investment. The Government’s plans to open up and decentralise public services offer new opportunities for social ventures to deliver public contracts and to help people purchase community assets.” Finance for a Social Impact Bond for the health market and an underwriting facility for community shares could also be provided by the Bank.

Sir Ronald Cohen and JP Morgan global head of research Nick O’Donohoe will act as special advisors to the government during the creation of the Big Society Bank.

Cohen said: “In recent years the social sector has developed greatly, yet it is still desperately short of capital. A financial engine is needed to support social investment and entrepreneurship. We are today on the threshold of using finance effectively in the service of social goals.”


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