Share

Treasury hints at more Social Impact Bond trials

Treasury hints at more Social Impact Bond trials
News

Treasury hints at more Social Impact Bond trials

Finance | Vibeka Mair | 20 Apr 2010

The chief secretary to the Treasury, Liam Byrne, has revealed that Social Impact Bond (SIB) trials could be expanded across government departments.

The first Social Impact Bond trial, aimed at reducing the reoffending rate of short-term prisoners in HMP Peterborough, was announced by the Ministry of Justice last month.

Byrne (pictured) has now announced that further government departments are considering using the SIB model:

“The Department for Children, Schools and Families have pledged to explore the potential of SIBs to lever in additional resources to support early intervention approaches with children and young people,” he said in Parliament.

“Communities and Local Government are also working with Leeds City Council and NHS Leeds to enable them to use a SIB approach to reduce health and social care costs among older people. Similarly Bradford Metropolitan District Council are considering applying this model as part of their involvement in the government’s Total Place programme.”

Meanwhile, the Social Investment Taskforce, a group formed by the Chancellor of the Exechequer in 2000, has said in its final report on social investment that SIBs have the potential to become a new social asset class, comparable to microfinance.

Social Investment Ten Years On says SIBs have the potential to unlock an unprecedented flow of social investment for preventative intervention and urges the government to provide funding.

The report also urges government to establish a properly capitalised social investment bank using unclaimed assets from dormant bank accounts. The government has pledged £75m to set up a social bank, but the report warns it is insufficient to capitalise a power, sustainable organisation.

The Taskforce also asks the government to commit to a UK Community Reinvestment Act to promote greater engagement by financial institutions with under-invested communities and recommends the setting up of a dedicated organisation to social investment, with the suggested name Social Investment Initiative.

 

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

Charities invited to participate in 24th annual Charity Shops Survey

26 May 2015

Charities with retail operations are now invited to respond to the 24th annual Charity Shops Survey, the...

Oxfam GB appoints new director to grow major donor fundraising

22 May 2015

Oxfam GB has appointed a new director in a bid to grow income from what it called “high value” partnerships....

DEC appeal raises £65m in under a month for Nepal quake

22 May 2015

The Disasters Emergency Committee’s Nepal Earthquake Appeal has raised £65m since it opened for donations...

Sir Ian Botham threatens to sue RSPB for libel

26 May 2015

Sir Ian Botham has threatened the Royal Society for the Protection of Birds with a lawsuit, claiming the...

Think carefully before changing your name, says free guide to rebranding

22 May 2015

Charities considering changing their name must first find out exactly what their staff, beneficiaries...

Homeless shelter investigated over ‘significant private benefit’ payments

22 May 2015

The Charity Commission has opened a statutory inquiry into a Bristol-based shelter after concerns were...

Children's Society and NSPCC to improve their digital services

26 May 2015

The Children's Society and NSPCC both said last week they plan to revamp digital services for young people,...

RNLI releases first charity app for the Apple Watch

26 May 2015

The Royal National Lifeboat Institution has today launched what it believes to be the first UK charity...

Marie Curie grows visitor time and donor numbers online by a quarter after digital relaunch

22 May 2015

Marie Curie set out to improve its use of digital after realising that it was “limiting its future”...

Join the discussion

 Twitter button

@CSFinance