The government has rebranded the existing social investment and finance team of the Office for Civil Society as the Inclusive Economy Unit, as part of a move to strengthen the department’s emphasis on social finance.
The OCS said the new unit will “build on the existing Social Investment and Finance Team in the Office for Civil Society by strengthening the social investment market and social impact bonds, expanding public service mutuals, and supporting mission-led business.”
It said the unit “will be staffed by the existing team who have been working on social investment policy, partnering with government departments, civil society organisations and businesses”.
The government statement said the unit would continue to:
- Encourage better use of private investment and support markets that deliver social impact as well as financial returns.
- Improve delivery of public services: increasing social impact while bringing value for money in the commissioning of public services
- Encourage responsible business, from social enterprise startups to companies that aim at ‘profit with purpose'
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