I have just been watching the East Midlands slot on the Sunday Politics Show (5/2/12) and they have been reporting on The Social Impact Fund. When did this appear? I have never heard of this..
It sounds interesting, the example shown is a prison in Peterborough - where private investors, including the Big Lottery fund fund, have invested £5,000,000 into a programme of intense work to prevent reoffending amongst 3,000 prisoners. If they succeed and it can be proven to have lowered re-offending by over 7.5% then they get £8,000,000 back.
The programme debates the issues and quickly arrives at the hub of the question - what are the criteria upon which the measurement is made? How long do they have to prove it's worked? How robust are the monitoring routines? What happens if they fail?
The following link for the Third Sector online magazine gives you more details:
http://www.thirdsector.co.uk/Finance/article/1113538/two-new-social-impact-bond-style-investments-launched/
The idea is that this limited number of pilots is used to prove the concept. Will private investors want to engage in what is a very risky enterprise and is it right to ask private companies to bail us out in this way or should we prioritise public funds better to do these jobs?
Remind me a bit of PFI and look what happened there...
It sounds interesting, the example shown is a prison in Peterborough - where private investors, including the Big Lottery fund fund, have invested £5,000,000 into a programme of intense work to prevent reoffending amongst 3,000 prisoners. If they succeed and it can be proven to have lowered re-offending by over 7.5% then they get £8,000,000 back.
The programme debates the issues and quickly arrives at the hub of the question - what are the criteria upon which the measurement is made? How long do they have to prove it's worked? How robust are the monitoring routines? What happens if they fail?
The following link for the Third Sector online magazine gives you more details:
http://www.thirdsector.co.uk/Finance/article/1113538/two-new-social-impact-bond-style-investments-launched/
The idea is that this limited number of pilots is used to prove the concept. Will private investors want to engage in what is a very risky enterprise and is it right to ask private companies to bail us out in this way or should we prioritise public funds better to do these jobs?
Remind me a bit of PFI and look what happened there...
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