.”
Some of the key points:
- The British Government has published two complementary strategy on how to leverage social innovation
- One strategy is a domestic document focused on how the government will continue to support and encourage the social investment sector in the UK and use social innovation to transform public service
- The second strategy is more focused on how the UK will continue to maintain and develop it's position as the leading global hub for social investment
- Partnership with leading universities to set up a center for excellence
- £80m Life Chances Fund to accelerate the growth of the social impact bond (SIB)
The strategy is also supported by another document that aims at making UK a global hub for social investments
Forward from the Cicil Society Minister, Rob Wilson
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.
There are brilliant charities and social enterprises across the UK
who have the knowledge and skills to help vulnerable and
hard-to-reach groups in society.
This Government is supporting these organisations to attract the funding
they need and unlock more opportunities to deliver public servicesand win
public sector contracts.
We have ambitious plans for social investment over this Parliament and it
remains a crucial element in the creation of a bigger, stronger society.
A vibrant social investment market will support the growth of new businesses,
drive the transformation of our public services and help us to build stronger,
more cohesive communities.The UK is widely recognised as the most advanced
social investment market in the world.
We created the world’s first social investment bank, first social investment tax
relief and the first-ever social impact bond (SIB). Indeed we continue to be a world
leader in this area. This Government has already created 32 SIBs, more than the
rest of the world put together, and it is my ambition to
have a SIBs market worth more than £1 billion by the end of this Parliament.
Our new £80 million Life Chances Fund is an important step on a journey that
will show how social investment can transform public services.
Social investment in its different forms already makes a huge difference to the
lives of thousands of people throughout the country.
Aspire Gloucestershire, a programme focused on supporting young people
who are homeless and out of work, raised investment through a SIB
to support 150 young people to improve their lives.
Tapestry, a social enterprise working with older people in East London,
received a £25,000 grant from the Impact Readiness Fund and unlocked
an additional £46,000 to take on board thesocial investment needed to
scale up the services it provides to the local community.
Golden Lane Housing was able to use Retail Charity Bond to raise £11 million to
buy and adapt housing for people with learning disabilities while providing
investors with an annual return of over 4%.
We have helped attract new investors tthe social investment market, including
from overseas, from institutions and from local communities. Since we introduced
the social investment tax relief in 2015, over £500,000 has been invested into
businesses like Fareshare Southwest, FC United of Manchester and Freedom Bakery.
I want to
continue to grow the social economy and see more investors taking advantage of
opportunities to invest in organisations that make a difference.
Social investment can accelerate the growth of new businesses, transforming the
impact of our public services, and support stronger communities to tackle the social
challenges that they face. It has the power to transform lives and
I am more committed than ever to helping social investment achieve its full potential.
Rob Wilson MP, Minister for Civil Society
Find here the full domestic strategy:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/fil...
Find here the "international" strategy to make UK a global hub for social investments:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/fil...
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