Tessa Jowell MP, Labour's Shadow Minister for the Cabinet Office, said in response to the Tory-led Government's announcement on the Big Society Bank yesterday:
"We welcome the Tory-led Government's continuation of Labour's policy to create a Social Investment Wholesale Bank with the announcement that they will press ahead with the Big Society Bank.
"However today’s announcement seems to raise more questions than it answers, which social investors and social enterprises alike will want a response to.
"First what form will the capital from the Royal Bank of Scotland, Barclays, HSBC and Lloyds take and what working rate of return will it be expected to provide?
"Second, how will the bank define and measure social value and what types of organisations will be able to apply for funds?
"And finally, what are the estimated operating costs of the bank, how much will its employees be paid, and what proportion of its funds will be passed on to community groups and voluntary organisations."