Cabinet Office written statement – made at on 15 July 2009.
Angela Smith
Minister of State (Third Sector), Cabinet Office, Minister of State (Cabinet Office) (Third Sector)
The Office of the Third Sector has today published a Social Investment Wholesale Bank Consultation which sets out the vision and the economic case, and consults on proposals for the design and functions of a potential bank. This consultation was announced in Budget 2009 and will inform substantive proposals to be developed by the Office of the Third Sector.
Government recognise the important role played by the third sector including social enterprises-as sustainable businesses with a social or environmental mission they contribute significantly to stronger local economies and a fairer society. Yet access to appropriate funding and finance is often the biggest concern facing organisations driven by social or environmental purpose. A Social Investment Wholesale Bank could enable third sector organisations to access the finance they need to grow and become more sustainable.
More broadly, the bank could help increase investment in society, the environment and the economy at the same time, delivering against a "triple bottom line" of more effective interaction between greater economic growth, social cohesion and sustainable development.
The Social Investment Wholesale Bank Consultation document can be downloaded from the Office of the Third Sector (OTS) website at: http://www.cabinetoffice.gov.uk/third_sector.aspx. Copies have also been placed in the Libraries of both Houses.
The cabinet is the group of twenty or so (and no more than 22) senior government ministers who are responsible for running the departments of state and deciding government policy.
It is chaired by the prime minister.
The cabinet is bound by collective responsibility, which means that all its members must abide by and defend the decisions it takes, despite any private doubts that they might have.
Cabinet ministers are appointed by the prime minister and chosen from MPs or peers of the governing party.
However, during periods of national emergency, or when no single party gains a large enough majority to govern alone, coalition governments have been formed with cabinets containing members from more than one political party.
War cabinets have sometimes been formed with a much smaller membership than the full cabinet.
From time to time the prime minister will reorganise the cabinet in order to bring in new members, or to move existing members around. This reorganisation is known as a cabinet re-shuffle.
The cabinet normally meets once a week in the cabinet room at Downing Street.
