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Cameron unveils Big Society bank plans

David Cameron has admitted that the Government’s spending cuts would hit ‘important’ areas and make him personally ‘unpopular’

But as he unveiled plans for the much-vaunted Big Society bank, he insisted he had a ‘duty’ to tackle the deficit left by Labour and rejected claims that the cuts would destroy his vision of the Big Society.

The Prime Minister urged councils to reduce bureaucracy and pay before taking the axe to funding for charities and community organisations.

Taking questions from social entrepreneurs after a speech in London, Cameron said: ‘The truth is that everyone is having to make cuts - central government, local government - and it is incredibly difficult.

‘It is not possible to make those cuts without cutting some things that are important. That’s the situation we are in as a country.’

Cameron said that £200 million from the banks would be put into a new Big Society bank this week.

The financier Ronald Cohen, who has been a major Labour donor and backer of ex-prime minister Gordon Brown, was unveiled as an adviser on the setting up of the bank.

A £100 million transition fund is also being set up to help charities and social enterprises bid for Government contracts to provide services.

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