Rob Wilson, Minister for Civil Society, has launched the Life Chances Fund. The fund aims to tackle entrenched social issues, improving people’s life chances by looking at local solutions for local problems. The fund will also support a new academic centre to understand and measure new approaches for the public sector to commission services.
According to the report, ‘£80m has been committed by central government to contribute to outcome payments for payments by results (PbR) contracts which involve socially minded investors, i.e. towards Social Impact Bonds (SIBs). These contracts must be locally commissioned and aim to tackle complex social problems.’
There are six themes, two of which (children’s services and drug and alcohol dependency) are open now with the remaining four, including a young people’s theme, opening over the next 12 months. The young people’s theme aims to support positive outcomes for NEET prevention, youth employability and youth justice.