Government announces £80m ‘Life Chances Fund’

https___www_gov_uk_government_uploads_system_uploads_attachment_data_file_534336_CO-SIB-Life_Chances_Application_Form_Guidance_Notes-040716_pdfThe Cabinet Office has just today announced that as part of the Prime Minister’s life chances strategy a new £80m Life Chances Fund has been opened and will continue for the next nine years.

The fund is described as a “top-up fund” for locally developed Social Impact Bond (SIB) projects. The aims of the fund are to:

  • Increase the number and scale of SIBs in England.
  • Make it easier and quicker to set up a SIB.
  • Generate public sector efficiencies by delivering better outcomes and using this to understand how cashable savings are.
  • Increase social innovation and build a clear evidence-base of what works.
  • Increase the amount of capital available to a wider range of VCOs and social enterprise and enable them to compete for public sector contracts.
  • Provide better evidence of the effectiveness of the SIB mechanism and the savings that are being accrued; and
  • Grow the scale of the social investment market.

 

The fund will operate through thematic “call-outs”, the first two being drug and alcohol dependency; and children’s services.

You can read more about the fund and its operation and purpose here.

Birmingham UK. Freelance research, evaluation and policy consultant specialising in social enterprise and the third sector. I maintain the BSSEC blog and website

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