Toby Eccles, founder and development director at Social Finance, comments on today’s announcement that the government will launch £30m of new Social Impact Bonds to help young homeless people into accommodation and support vulnerable 14-17 year olds:
“The Government’s announcement of £30 million of new Social Impact Bonds (SIBs) today is a significant step to transform the funding and effectiveness of services to vulnerable young people in the UK. SIBs bring financial innovation to the social sector to deliver better social programmes. SIBs help voluntary and charitable organisations to deliver flexible, well resourced and responsive interventions.
“We believe creating positive social change on a large scale needs a new approach to funding and delivery of services. It requires a commitment to securing better outcomes to individuals and communities. Social Finance developed the Social Impact Bond to bring new investment to social change. The financial structure of the Social Impact Bond and the focus on results enables interventions to be individually tailored and flexible in a way that has never been done before. The launch of these new SIBs is a sign of the government’s commitment to embed this new way of working into the UK’s social landscape.
“Social Finance continues to work closely with the public sector, social organisations and investors to consider the application of Social Impact Bonds across a range of social issues.”