Social investment bank consultation announced

Office of the Third Sector to report back with 'substantive proposals'

A consultation into the "design and functions" of a social investment bank will take place, according to documents released with today's Budget.

Supporting information issued after Chancellor Alistair Darling's Budget speech reveal that the Government will carry out the consultation and the Office of the Third Sector will report back with "substantive proposals".

The Government has already announced that funding for a social investment bank will come from the Dormant Banks and Building Societies Accounts Act, which came into effect last year.

However, funding for the bank will be made available only if there is cash left over from the Government's primary causes of youth facilities and financial inclusion and capability.

Toby Eccles, development director of Social Finance, an organisation that has researched and promoted the idea of a social investment bank, said he believed the new consultation represented a step forward in the Government's views.

"This is further evidence that the Government is focusing more on this idea," he said. "Through this consultation process, we'll come to have a clear plan about what it will look like."

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