The UK autumn statement has included some news for SIBs (lower headcount a sign of the ongoing hangover of the spendthrift previous government) but the commitment to PFS is highly encouraging.
Office For Civil Society To Reduce Headcount But Receive £80m ($121m) For Social Impact Bonds
Gareth Jones – Civil Society
The Office for Civil Society will be forced to reduce its number of staff but will have responsibility for distributing £80m ($121m) of new funding for social impact bonds, according to today’s spending review.
The review states that the OCS will “continue to provide a range of support to the UK’s third sector, but it will reduce its headcount and widen the availability of social impact bonds”.
The £80m to be spent by the OCS on social impact bonds (SIBs) will be part of a total £105m ($156m) from government over this Parliament, which is designed to “uplift funding for locally designed schemes, tackling issues such as youth unemployment”.
Previous government documents have put the projected OCS budget at £56m ($85m). Its actual spending last year was £270m ($408m) but that included £130m ($196m) on the National Citizen Service.
The news of further funding for SIBs has met with a sceptical reaction from some in the sector, including Andrew O’Brien, head of policy and public affairs at the Charity Finance Group.
Additional £80m ($121m) To Be Invested In SIBs
Andy Hillier – Third Sector
Spending Review: A Mixed Bag For Charities
Andy Ricketts – Third Sector
Autumn Statement Sees Changes To Venture Capital Schemes
Jonny Paul – FT Adviser
Chancellor George Osborne made changes to eligible investments for venture capital schemes, confirming the excluded activities for VCT, EIS and SEIS.
The government vowed to expand support for Social Impact Bonds, investing £105m over the parliament to help deal with issues including homelessness, poor mental health and youth unemployment.
The Office for Civil Society will continue to provide a range of support to the UK’s third sector, but it will reduce its headcount and widen the availability of Social Impact Bonds.