Share

Nick Clegg launches a £30m social impact bond fund to support Neets

Deputy Prime Minister Nick Clegg
News

Nick Clegg launches a £30m social impact bond fund to support Neets4

Finance | Vibeka Mair | 1 May 2014

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.

"Bids will need to come from providers of services and the schools they will be working with alongside investors to provide up front funding to deliver interventions. The fund will pay for outcomes so is in effect the commissioner."

She added that the types of programmes that will be funded through the social impact bonds are likely to include those that will reduce the long-term dependency of young people on benefits, decrease the likelihood of offending, or support a specific group of homeless young adults to help them gain sustainable accommodation.

Deputy Prime Minister Nick Clegg said: “Our £30m package opens up the chance for people to invest in programmes that deliver real results. It means that thousands of young people struggling in schools, or living on the streets will have the support they need to improve their educational achievement, get employment and get into sustainable housing.”

Toby Eccles, development director at Social Finance who pioneered the concept of social impact bonds, said the new fund demonstrated the government's commitment and demonstrated it feels the model is effective in enabling innovation. 

"The fund is good news for those who want to create flexible and innovative programmes for young people and Neets."

Organisations can register their interest at yef@cabinet-office.gsi.gov.uk.

Tony Biola
C.E.O
Urban voice UK Ltd
5 Jun 2014

Finally at long last a creative response to this real serious issue. At Urban Voice we have been working with NEETs for over 10 years at local, regional and national level through our programmes and have students that have left the world of crime, gangs, drugs and even worse and have gone on to become degree graduates, entreprenuers, succesful business owners, politicians and successful recording artists achieving national and international success.

I would like to register an interest in the £30m package to back social impact bonds and look forward to receiving more information so we can continue our work in helping young people live fulfilled lives.

Carole Easton
Chief executive
Young Women's Trust
2 May 2014

We are delighted that Nick Clegg is raising awareness of the continuing issue of young people being Neet. At Young Women's Trust we are particularly concerned about the persistent high numbers of young women who are Neet. Amongst 18-24 year olds, young women considerably outnumber young men.

On Tuesday, Young Women’s Trust launched its public Inquiry into female Neets, chaired by broadcaster Sian Williams and led by a panel of experts. This will take evidence from around the country in order to recommend what needs to happen to reduce the numbers of young women who are Neet, reduce the length of time they are Neet and reduce the devastating impact being Neet has on their lives.

We have invited government departments to provide evidence to this Inquiry and we hope to hear from those responsible for developing this social impact bond fund.

Joanne Keight
team manager
wellbeing
1 May 2014

Have made several attempts to contact via email using the address at the foot of these page - to register interest in the social bond funding - however i am being told the email address is invalid ?

Martyn Drain
Chief Operating Officer
Career Academies UK
1 May 2014

I would like to register an interest in the £30m package to back social impact bonds and look forward to receiving more information.

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.

Charities criticise civil society minister for talking 'total nonsense' about grant funding

27 May 2016

Sector bodies have criticised minister for civil society Rob Wilson for talking "total nonsense" about...

Vital work of charities damaged by fundraising, says Charity Commission chair

26 May 2016

The “vital work” of charities has been damaged by aggressive fundraisers at some charities which had...

Report: 'Lotteries outperform door-to-door and face-to-face on attrition'

25 May 2016

Direct debit lotteries are performing “much better in terms of attrition” than door to door and private...

Oxfam director attacks Acevo and NCVO for 'toothless' response to public criticism of charities

27 May 2016

Bodies like Acevo and NCVO have failed to provide proper leadership and lacked a concerted response in...

Cabinet Office advertises for new Charity Commission board members

27 May 2016

The Cabinet Office has advertised for three new board members for the Charity Commission and reappointed...

Vital work of charities damaged by fundraising, says Charity Commission chair

26 May 2016

The “vital work” of charities has been damaged by aggressive fundraisers at some charities which had...

Facebook looking to make ‘donate’ button available to UK charities this year

23 May 2016

Facebook is looking to roll-out its ‘donate’ button feature to all charity pages at some point this...

Blue Cross, Mary's Meals and Barbican start to fundraise with contactless technology

20 May 2016

The Blue Cross, Mary’s Meals and the Barbican are the latest charities to trial the use of contactless...

Charities need to address digital skills gap or they will lose beneficiaries

6 May 2016

Charities must improve their digital offering or lose beneficiaries, the chief executive of Parkinson’s...

Join the discussion

 Twitter button

@CSFinance