At launch of £20m #socialoutcomesfund. Fund will provide extra outcomes money above that from LAs in new #socialimpactbonds. Runs till 2018.
— Russ Bubley (@RussBubley) November 23, 2012
I asked Nick Hurd if #socialoutcomesfund is instead of or in addition to money from Depts, Answer was that it will be simpler and faster.
— Russ Bubley (@RussBubley) November 23, 2012
The Social Outcomes Fund is aimed at easing the burden on Local Authorities when new Social Impact Bonds are created. Frequently, the types of innovative services delivered by a Local Authority under a Social Impact Bond Programme will have impacts that extend beyond the statutory provisions of the Local Authority – and produce additional beneficial impacts to other public bodies, in particular to central government.
Negotiating with central government can be an onerous task - especially given the relative novelty of social impact bonds. In the development of the Essex SIB – which deals with children on the fringes of residential care – the negotiations with central government took nine months.