Good Local Economics

Big Society, we are told, is all about placing power in the hands of citizens – giving ‘ordinary people’ a say over what happens in their communities. Forget the brand (which some suggest is now so toxic that it is being quietly dropped from the prime minister’s lexicon), that’s somewhat irrelevant, as there is now a great deal of consensus between parties over the principle of handing over power to local people. Of course the quid pro quo for devolving this power is that people will be expected to do more for themselves; stepping in to meet local needs that may previously have been provided by the state. For the foreseeable future, these ideas are going nowhere – whether or not they are called Big Society.

Finally, after numerous announcements and fanfares, the Big Society bank, or Big Society Capital as it is now called, was launched today by the prime minister. The story the government would like people to hear is that this is wonderful news for charities, social enterprises and the public at large. As charities Minister Nick Hurd tweeted “£600 million to back social entrepreneurs and encourage more social investment. At no cost to taxpayer.”