Social Finance, an ethical investment bank, is working alongside Essex County Council, Liverpool Council, and Manchester Council to investigate the potential for social impact bonds (SIB), a form of payment-by-results, to fund services targeted at vulnerable children, young people and their families.
The scheme, which follows an ongoing SIB scheme at Peterborough Prison based on reducing re-offending rates, will attempt to reduce numbers of vulnerable 10- to 15-year-olds going into care. The project will try to prevent time spent in care by adolescents experiencing behavioural problems or family breakdown through initiatives including intensive family support and therapeutic approaches.
Workable model
Concerns have previously been raised that payment-by-results could prove too difficult for children's services to adopt. These included fears that areas of work that do not have clear and defined outcomes could be neglected in favour of projects that target easy results rather than the hardest-to-help families.
Register Now to Continue Reading
Thank you for visiting Children & Young People Now and making use of our archive of more than 60,000 expert features, topics hubs, case studies and policy updates. Why not register today and enjoy the following great benefits:
What's Included
-
Free access to 4 subscriber-only articles per month
-
Email newsletter providing advice and guidance across the sector
Already have an account? Sign in here
