Commitment to create Social Investment Wholesale Bank

 ACEVO has welcomed the Government's  firm commitment to create a Social Investment Wholesale Bank,

 buts says they must be built on to ensure that the 2010 Budget is a ‘budget
for all’.
Stephen Bubb, Chief Executive of ACEVO said,
“We know that cutting public expenditure and improving our public services are
top priorities. Hundreds of third sector CEOS have written to the Chancellor to
explain why this is so important. Today’s pre budget report marked an important
step towards this, with the announcement of a timetable for the establishment of
the Social Investment Wholesale Bank. The bank will be key to more third sector
organisations having the capacity to be deliver services effectively.
ACEVO have long been campaigning for the bank’s creation, particularly through
our taskforce to the Secretary of State for Work and Pensions, which reported in
February 2009. Today's news therefore represents a major success for ACEVO
and the sector”.

Commenting on the announcements on financial reform Stephen Bubb said,
“It is vital that financial reform is not about punishing the rich but promoting the
interests of the poor. It is clear that there are far more deeply rooted problems in
our financial system than that of bankers’ bonuses. Today the Chancellor has
opened the door for the financial reform our communities and economy sorely
needs. To tackle the problem of financial exclusion at its root, we must know
precisely what services banks provide - or don’t- to those in deprived areas.
“This is why the Better Banking Coalition are calling for full financial disclosure by
banks, a cap on unfair credit rates for those who cannot afford them, and
obligations on banks to demonstrate that all who merit it have fair and equal
access to credit.”

Source: © ACEVO (Association of Chief Executives of Voluntary Organisations)

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