Magazine article Public Finance

Recession Brings Community to Fore, Says Blears

Magazine article Public Finance

Recession Brings Community to Fore, Says Blears

Article excerpt

Communities Secretary Hazel Blears has said the recession is serving as a catalyst' for the reform of public services and creating greater need for devolution of power.

In a speech to Community Service Volunteers on April 29, Blears said values of co-operation and collaboration were becoming more important She said her officials were working with community investment experts on ways to provide communities with sustainable sources of income and would report by the summer.

'In the wake of our mistrust of global financial institutions, there are new opportunities now for community shares and bonds; USstyle community reinvestment programmes; and a much closer look on how we measure the social return on public investment' Blears said.

'The US Community Investment Act, whereby financial institutions must plough some of their profits into communities, might serve as an interesting starting point'

She added that the measures would draw on the tradition of volunteering and self-help and the wealth of experience in the third sector. …

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