4. What progress he has made on developing social finance. (902237)

Britain is proud to lead the world in developing the emerging market of social investment. Big Society Capital has already committed £140 million, and the number of social impact bonds has risen sharply. Grants are flowing to help social entrepreneurs to become more investment-ready, and a new tax relief will go live in April.

I refer to my entry in the Register of Members’ Financial Interests.

Having properly evidenced early-intervention programmes is the biggest known deficit reduction programme. In order for such programmes to start up, we need effective social finance. Will the Minister meet me to discuss what more his Department and, above all, Big Society Capital can do to maximise that possibility?

I congratulate the hon. Gentleman on his leadership in setting up the Early Intervention Foundation and on the work that it published today on domestic violence. He is entirely right that part of the value of social investment is its ability to create space to finance early intervention. That is where a lot of the social impact bonds that I mentioned are focused. I know from my conversations with Big Society Capital that it is very interested in engaging with What Works centres, including the Early Intervention Foundation. Following the hon. Gentleman’s question, I will write to the chief executive, asking him to update me on his engagement with the Early Intervention Foundation and other What Works centres.

Does my hon. Friend agree that the social impact of the delivery of public services should be taken account of during the procurement process, as well as the purely economic impact?

Yes, the Government agree with that. That is why we put the Public Services (Social Value) Act 2012 on the statute book. Later this month, we will publish a one-year-on review of that Act, because it matters to us. We are keen for commissioners—the people who spend public money—to think intelligently about how money can be stretched as far as possible.