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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/03/minister-banking-on-competition.jpg"><img class="alignnone size-full" title="Francis Maude has criticised Labour for failing to set up a social investment bank" src="http://londonglossy.com/wp-content/uploads/2011/03/min-minister-banking-on-competition.jpg" alt="Francis Maude has criticised Labour for failing to set up a social investment bank"/></a></p>
<p>High street banks will be encouraged to compete with the Big Society Bank, the Government has said.</p>
<p>The Government-backed bank, due to be launched with £300 million of cash raised from dormant bank accounts in the UK, will step in where established banks fail to lend.</p>
<p>But Cabinet Office Minister Francis Maude is hoping the big banks will start lending to voluntary organisations as a rival &#8211; and increase competition.</p>
<p>&#8220;We want to see much more money being available including, over time, mainstream finance from the mainstream banks into this market,&#8221; he said.</p>
<p>Mr Maude told MPs the Big Society Bank would not provide grants but would lend at competitive rates &#8211; and it did not remove the need for high street banks to help such groups.</p>
<p>He added: &#8220;It certainly does not obviate the need, in the interests of local residents, to support the voluntary and social enterprises.&#8221;</p>
<p>The minister was speaking at Cabinet Office Questions, where he stressed the Big Society Bank&#8217;s obligation to lend to social enterprises and charities would be &#8220;built into its mission&#8221;.</p>
<p>Mr Maude criticised Labour for talking about establishing a social investment bank, but failing to deliver during its 13 years in power.</p>
<p>&#8220;Frankly, I expected on taking office last May to find plans well prepared; I opened the file to find it pretty much empty,&#8221; he said.</p>
<p>But Labour MP for Middlesbrough South and East Cleveland Tom Blenkinsop said it was still unclear how the Big Society Bank would work.</p>
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