Matt Hancock, the Secretary of State for Digital, Culture, Media and Sport, has acknowledged the growth on ethical investment in the consumer market, and urged institutions to allow individuals greater power to support good causes through their financial arrangements.

Speaking on Civil Society in the 21st Century conference, Hancock said: “I would suggest that unless we can find a way to make capital responsible, and put power in the hands of ordinary people, the crisis of trust in our economy will deepen. I believe strongly in business as a force for good. But we need business to adapt to a new, more empowered, more values-driven age. This is how we will save capitalism from itself.”

Hancock also suggested, possibly mindful of Carillion, that public procurement was too concentrated, noting that in some markets “60 per cent of public procurement goes to just five huge companies” and called for more mutuals and other value-adding innovations to help spread the load. He singled out the role of social impact bonds and their growth as a particularly successful innovation that could expand further.

The speech, tackling a range of issues for society, charities and communities, serves as a form of milestone on the road from David Cameron’s Big Society ideas to practical support for ethical and sustainable action.

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