“You drive me nuts but I love you” – UK Minister resigns

Nick Hurd, the UK government minister who oversaw the birth of the world’s first social investment bank, has stepped down.

Hurd, who has left the UK government as part of Prime Minster David Cameron’s ministerial reshuffle this week, has been responsible for civil society – and within it, social enterprise and impact investing – since Cameron’s government came to power four years ago.

He held the same post shadowing the Labour government for more than a year.

Hurd – whose style of delivery somehow marries the cool insouciance of secret agent James Bond with the humorous charm of comedian Tommy Cooper – has become well respected in the UK social venture community. His interest in and commitment to the notion that business, entrepreneurship and investment can be harnessed to deliver social justice earned him widespread support for the task of advancing the fortunes and capabilities of the public, social and corporate sectors as they grapple with the challenges of inequality, public scrutiny and budgetary inflexibility.

Hurd has overseen arguably some of the most significant steps forward in policy for the social enterprise movement, in the form of the birth and early years of Big Society Capital, the world’s first social investment bank, alongside innovations such as social impact bonds.

Tweeting last night on ">, he said: “Thanks to so many friends and critics in our brilliant voluntary sector. You have often driven me nuts but my respect and love is undimmed.”

He also praised his “outstanding team at Cabinet Office”, calling them the "Best people I have ever worked with”.

Hurd explained: “Am standing down having been given by DC [David Cameron] the rare opportunity to do six years in a wonderful brief. Very proud of what we achieved.”