Social bank 'must be independent'

A consultation on the UK government's planned creation of a Social Investment Wholesale Bank has shown that most respondents – who included banks, social enterprise bodies and think tanks – believe it should be set up independently from the state.

The bank would receive unclaimed assets in dormant bank accounts and invest them on social causes. The government says there was a 'strong consensus' for an institution operating independently from government and retail intermediaries which would support 'the development of a strong and sustainable social investment market in the UK'.