Published: 4th Apr 2012

Finally, after numerous announcements and fanfares, the Big Society bank, or Big Society Capital as it is now called, was launched today by the prime minister. The story the government would like people to hear is that this is wonderful news for charities, social enterprises and the public at large. As charities Minister Nick Hurd tweeted “£600 million to back social entrepreneurs and encourage more social investment. At no cost to taxpayer.” *Sigh* if only that were even close to the truth. Civil servants have been working on this for many years. Firstly there was the legislation – The Dormant Bank and Building Society Accounts Act 2008 – passed four years ago. Legislation does not happen for free. It’s expensive. And that’s just the legislation that was required in order to use dormant accounts and to set up the vehicle for delivering the money. Then there’s all the work which … (To read the full article, subscribe below)