Share

DWP announces £7m social impact bonds to tackle youth unemployment

 DWP announces £7m social impact bonds to tackle youth unemployment
News

DWP announces £7m social impact bonds to tackle youth unemployment

Finance | Vibeka Mair | 1 Nov 2012

The Department of Work and Pensions has backed more social impact bond projects in its second funding round from its Innovation Fund.

The DWP’s Innovation Fund, which is part of the government’s initiative to find new ways to tackle youth unemployment, has already backed two social impact bonds in its first round of funding.

It has announced this week that it has awarded two contracts worth £7m from the Innovation Fund’s second funding round to two social impact bonds managed by Social Finance.

The social impact bonds will fund interventions to work with around 2,500 vulnerable 14-15 year-olds in the North-West of England. The programmes will be delivered by charities Adviza and Teens and Toddlers.

Investors into the social impact bond include Bridges Ventures, Big Society Capital, Impetus Trust, Esmée Fairbairn Foundation, Caf Venturesome and the Barrow Cadbury Trust. Outcomes payments from the Innovation Fund will be paid over three and a half year.

The DWP contracts have been awarded to Social Investment Partnerships, established by Social Finance and chaired by Richard Johnson, former welfare-to-work manager at Serco.

 

Comments

[Cancel] | Reply to:

Close »

Community Standards

The civilsociety.co.uk community and comments board is intended as a platform for informed and civilised debate.

We hope to encourage a broad range of views, however, there are standards that we expect commentators to uphold. We reserve the right to delete or amend any comments that do not adhere to these standards.

We welcome:

  • Robust but respectful debate
  • Strongly held opinions
  • Intelligent relevant discussion
  • The sharing of relevant experiences
  • New participants

We will not publish:

  • Rude, threatening, offensive, obscene or abusive language, or links to such material
  • Links to commercial organisations or spam postings. The comments board is not an advertising platform
  • The posting of contact details for yourself or others
  • Comments intended for malicious purpose or mindless abuse
  • Comments purporting to be from another person or organisation under false pretences
  • Gratuitous criticism, commentary or self-promotion
  • Any material which breaches copyright or privacy laws, or could be considered libellous
  • The use of the comments board for the pursuit or extension of personal disputes

Be aware:

  • Views expressed on the comments board are left at users’ discretion and are in no way views held or supported by Civil Society Media
  • Comments left by others may not be accurate, do not rely on them as fact
  • You may be misunderstood - sarcasm and humour can easily be taken out of context, try to be clear

Please:

  • Enjoy the opportunity to express your opinion and respect the right of others to express theirs
  • Confine your remarks to issues rather than personalities

Together we can keep our community a polite, respectful and intelligent platform for discussion.

Free eNews

ASA: “I wish I had breast cancer campaign” did not breach guidelines

23 Apr 2014

The Advertising Standards Agency has not upheld criticism over a series of controversial adverts by Pancreatic...

HMRC doubles scrutiny of charity gift aid claims following Cup Trust

22 Apr 2014

HM Revenue & Customs more than doubled the number of investigations into claims for gift aid in the...

Donations to foodbank appeal surge after critical Mail article

22 Apr 2014

The Trussell Trust’s Easter Appeal raised more than £50,000 in two days after a backlash on social...

Horse charity faces closure amid claims it is owed £70k by council

23 Apr 2014

A horse charity in Northern Ireland has said it may have to shut because of a massive bill it believes...

Shawcross terror warning in national press

22 Apr 2014

Terrorist abuse of charities is “potentially the most deadly” problem the Charity Commission faces,...

Husband and wife jailed for three years for charity theft

22 Apr 2014

The former chair of Lincoln and District Mencap and his wife have both been jailed for fraud and theft...

'Technology can offer charities more than just online donations'

10 Apr 2014

Charities are focusing too much on using digital tools for fundraising instead of how technology can be...

Amnesty calls for 'full and frank disclosure' on alleged US surveillance

9 Apr 2014

Amnesty International has warned that alleged mass surveillance by the American intelligence agency NSA...

Virgin Money Giving launches app following year of growth

1 Apr 2014

Virgin Money Giving has launched an app for users after reporting that 30 per cent of traffic to its platform...

Join the discussion

 Twitter button

@CSFinance