Big Society

The European Commission has approved the use of up to £400million from dormant bank accounts to set up Big Society Capital (BSC). The approval under EU state aid rules had been given faster than expected, as it was predicted that a decision from the Commission would take up to 18 months, resulting in a delay in setting up BSC, which is currently making social investments through an interim committee within the Big Lottery Fund. BSC is still seeking Financial Services Authority (FSA) authorisation, and aims to be open for business in the first quarter of next year.

The first audit of Big Society, and the effectiveness of policies to shift power from government to civil society, has been launched and is expected to be published early in 2012. Think tank Civil Exchange, research organisation Democratic Audit and social policy communications group DHA, will conduct the audit after consulting with government, academics and others about how to gauge the effectiveness or achievements of the social policy.