Cohen says Whitehall should back Social Impact Bonds with £250m

Further to this post on Social Impact Bonds, Sir Ronald Cohen, director of Social Finance and advisor to the government on the Big Society Bank, is reported by Third Sector Online as calling for Whitehall departments to earmark £250m-£300m in spending to back new Bonds. One of the key problems, he says, in raising finance to back the pilot SIB in Peterborough was that spending departments liked the idea but didn’t have a budget they could use to invest in the Bond — hence it being only £5m instead of the targetted £12m.

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