10 SIBs launched to support children in care and tackle drug dependency

The UK government has launched 10 new social impact bonds (SIBs) to support children in care and tackle drug dependency.

Minister for Sport and Civil Society, Tracey Crouch, announced on Wednesday 18th October: “This funding will benefit some of the most vulnerable people in society and provide vital support to help them transform their lives.

“The UK is a world leader in using social impact bonds to make a positive impact in society and these projects will achieve real results in communities across the country.”

This announcement marks the first round of investment from the £80m Life Chances Fund and will be delivered by the Big Lottery Fund.

Ten projects that provide specialist services for children in foster care and residential homes, that help drug and alcohol dependent adults fund full-time work, that reduce addiction and cut unnecessary A&E admissions, will receive a total of £16m in the form of SIBs.

For example, the Family Drug and Alcohol Court will receive £6.2m over seven years to support its work within the family court system to help families whose children are subject care proceedings due to parental substance misuse and domestic violence in the home. The aim of the project is to support parents so that children can be safely returned home.

The West London Alliance will receive £1.2m to deliver placement services to people with drug and alcohol addictions who are out of work, so they can gain and retain competitive paid employment.

All 10 projects are social impact bonds, meaning money is only transferred when projects meet agreed targets. The investment is in addition to funding from 36 local authorities who will provide a combined £37.6m to the 10 successful projects. For more information about SIBs, click here.

The £80m Life Chances Fund was launched in July 2016 with the aim of ‘tackling entrenched social issues and helping those people in society who face the most significant barriers to leading happy and productive lives’.

The fund is structured around six key themes:

  • Drug and alcohol dependency
  • Children’s services
  • Early years
  • Young people
  • Older people’s services
  • Healthy lives

 

Header image: Minister for Sport and Civil Society Tracey Crouch 

Photo credit: Foreign and Commonwealth Office