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

Deputy Prime Minister Nick Clegg
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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.

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