Sector thinktank NPC has two articles looking at where we are with Payments by Results and its “natural partner”, Social Impact Bonds.
‘Making sense of payment by results‘ starts with
While not as newsworthy as it was three or four years ago, PbR has steadily become a common commissioning model. In 2015, the National Audit Office identified 52 schemes containing an element of PbR in the UK, worth a total of £15bn of public money.
» Continue reading news item ... “State of play with Payment by Results and Social Impact Bonds”
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”. » Continue reading news item ... “Government goes for more social investment and impact bonds”
A survey by ACEVO, the charity leaders body, and social investment promoters Big Society Capital, has found that just over forty per cent of charity CEOs think that repayable finance would be beneficial to their organisation.
A joint statement said that “More charities are looking at alternative ways to fund their work and, as a result, social investment has been the subject of increased interest and scrutiny.” » Continue reading news item ... “Increasing interest in social investment”
The Social Economy Alliance has launched its manifesto for May’s general election, asking for support for community energy schemes, social enterprises and co-operative housing. Recommendations include enhanced community ownership of infrastructure and utilities, and a ‘local by default’ approach.
Wales Cooperative Centre news item http://www.walescooperative.org/social-economy-alliance-uk-election-manifesto, or SEUK news release featuring some striking adverts.
Meanwhile Civil Society Media reports on a Westminster debate on the social economy the previous week, which heard that social impact bonds are clunky and expensive, and Labour could expand the Social Value Act, http://www.civilsociety.co.uk/finance/news/content/18093/ » Continue reading news item ... “Social economy gets political”
The London homelessness social impact bond project was launched in November 2012, to bring in additional finance to support innovative services aimed at improving outcomes for persistent rough sleepers.
The Communities Department has published the first interim report from a qualitative evaluation.
The Peterborough Prison Social Impact Bond, launched in 2010 as the first such bond in the UK, has published its initial results. A ten per cent reduction in re-offending was needed to trigger a payment to investors at this stage, but it achieved 8.4%. This rate still means a later payment will be due, if it continues.
A choice of articles for more – from Pioneers Post http://www.pioneerspost.com/news-views/20140807/the-worlds-first-social-impact-bond-early-verdict » Continue reading news item ... “Initial results for first social impact bond”