Editor’s blog Monday 19 July 2010: PM David Cameron on what Big Society means for the public sector

Below are two extracted sections from Prime Minister David Cameron's speech in Liverpoool this morning:

1. "Public service reform. We’ve got to get rid of the centralised bureaucracy that wastes money and undermines morale.

"And in its place we’ve got give professionals much more freedom, and open up public services to new providers like charities, social enterprises and private companies so we get more innovation, diversity and responsiveness to public need".

2. "We believe in paying public service providers by results. It encourages value for money and innovation at the same time. But the potential problem is that you can lock smaller organisations out, because they don’t have access to start-up capital.

"So government has a crucial role to play in bridging the gap – and indeed, more widely, in connecting private capital to investment in social projects.

"We have already said we will create a Big Society Bank to help finance social enterprises, charities and voluntary groups through intermediaries. And I can announce today that it will be established using every penny of dormant bank and building society account money allocated to England.

"These unclaimed assets, alongside the private sector investment that we will leverage, will mean that the Big Society Bank will – over time – make available hundreds of millions of pounds of new finance to some of our most dynamic social organisations".