Boost for Vulnerable Young Adults and the Homeless

A radical approach to solving complex and costly social problems, which will also save the taxpayer millions, has been given a cash injection by the Cabinet Office.  Two new Social Impact Bonds, which will support teenagers at risk of going into care and help rough sleepers, are being introduced. This new £20 million fund will facilitate even more Social Impact Bonds, as part of the latest stage in the Government’s drive to tackle social problems through payment by results. Social Impact Bonds allow private investors and philanthropists to invest in a project to address a specific social problem; they are then only paid a financial return if the project is successful.  If not tackled early, complex and deep-rooted social problems, such as homelessness and youth unemployment, can lead to long-term dependency on the state and cost the taxpayer millions.  Read more on the Cabinet Office website.

Payment by Results' Deal to Get Rough Sleepers off London's Streets

A new 'payment by results' scheme to help London's persistent rough sleepers off the streets and into secure homes has been launched by Grant Shapps and Boris Johnson. Building on the progress made by the Mayor's London Delivery Board and the capital's charities in tackling homelessness over the last three years this new funding will be used to deal specifically with persistent rough sleepers half of whom come from overseas and who are often facing multiple challenges including drug, alcohol or mental health problems. In a 'payment by results' deal known as a Social Impact Bond, each charity will receive a share of this funding - but how much will depend on the success of their new projects. Read more on the CLG website.