Big Society Capital, the Government’s Big Society bank launches today. Its first investment was a £1m investment in Private Equity Foundation, which helps disadvantaged school leavers find employment. The bank is chaired by Sir Ronald Cohen.

Political stalemate in Washington over a proposed spending deal to control the US debt crisis could send the world into recession critics have warned. Wall Street bosses have urged Barack Obama to secure a deal to avoid default.

Prince Charles's bio-fuel powered convertible Aston Martin, made famous during the Royal Wedding will be on display this weekend during the Start Day initiative at Clarence House. The campaign, run by Business in the Community was set up to encourage consumers to live more sustainably. The Aston Martin will join a procession of 30 vehicles using alternative fuels that will parade the Mall before being displayed at Clarence House.

Welsh environment minister John Griffiths has suggested a tax on carrier bag use after the number being distributed rose for the first time in five years. Over 300million more bags were handed out between June 2009 and May 2010 compared with the previous 12 months.

The CBI’s latest monthly distributive trades survey shows that July was the toughest month for retailers in over a year. It also predicts that sales figures will fall faster next month.

Ministers have taken steps to distance themselves from controversial plans revealed by David Cameron’s strategy guru including scrapping maternity leave and consumer rights.

A pioneering scheme at Sunderland football club aimed at pupils who have been excluded or are at risk of being excluded from school has been praised by the Department for Education. The scheme which is run out of classrooms in the stadium has improved pupils attitudes towards education and has successfully encouraged 93% of participants to return to mainstream schooling.

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