The government has published strategy documents showing plans to expand the use of social investment over the next five years. This includes partnering with a UK university to establish a centre of excellence.
A foreword from the minister for civil society says “Social investment represents a revolution in the way that public services are delivered and a huge opportunity for more people to use their savings and investments to change lives for the better”.
The government will examine regulatory barriers and look for ways to increase the effectiveness of Social Investment Tax Relief, and also aims for at least two-thirds of central government departments to develop new models using social investment over the next 12 months.
Social impact bonds
The minister for civil society also recently said, in a speech to the Social Investment Academy, that he expects social impact bonds (SIBs) to become the norm for government funding.
However sector thinktank New Philanthropy Capital, in its Budget submissions, warns that there is a risk that “there is a risk that too much is being expected of (SIBs) too soon”. News article or NPC publication link.