Cabinet Office minister Francis Maude has endorsed outline proposals for a Big Society Bank presented by the independent advisers, Sir Ronald Cohen and Nick O'Donohoe.

In his letter to Sir Ronald and Mr O'Donohoe released on May 9 2011 Mr Maude says: ‘I attach the greatest importance to this work which represents a decisive opportunity to accelerate the growth of the social investment market. A thriving market in social investment will enable charities and social organisations of every kind to access new capital to help them to increase their impact, doing much to build a bigger, stronger society.'