Game over or Game On is the theme with one article on either side today. The clear worry is the way the Peterborough programme has been truncated although subsequently the British Deputy Prime Minister (minority coalition party leader) has indicated a considerable new programme for young people as we outlined yesterday…
Social Impact Bonds: Is The Dream Over?
Claudia Cahalane – The Guardian
The UK’s first SIB lost its footing last week. Hailed as the future of funding social change, through unlocking private investment in social outcomes, SIBs have received plenty of attention in the last few years.
But despite its success so far, the £5m Peterborough SIB, which is designed to reduce reoffending among short-sentence male prisoners, is now hanging in the balance as the government brings in its Transforming Rehabilitation programme. Under these reforms, due early next year, private contractors will run rehabilitation services in 21 parts of the UK, including Peterborough.
Meanwhile, the Cabinet Office on Wednesday launched a new £30m package to back social impact bonds to help disadvantaged young people get into education, work or training. So, what’s the future for SIBs?
Nick Clegg Launches A £30m SIB Fund To Support Neets
Vibeka Mair – Civil Society
The Cabinet Office has launched a new £30m package to back social impact bonds to help disadvantaged young people at risk of falling into a situation where they are not in education, employment or training.
The package is from two new cross-government programmes specifically targeted at developing educational achievement and employability of 14 to 24-year-olds.
The Youth Engagement Fund aims to support up to 18,000 young people in over 100 schools in England, and the Fair Chance Fund aims to move over 2,000 homeless young people into sustainable accommodation, as well as employment, education or training over three years.
The programmes will be delivered through social impact bonds – a payment-by-results system where investors fund interventions which organisations deliver. A Cabinet Office spokeswoman said: “Organisations, charities and their investors will bid for a share of the £30m pot of government funding, giving a boost to the best programmes.