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Social Investment Wholesale Bank

Volume 508: debated on Wednesday 7 April 2010

To ask the Minister for the Cabinet Office with which projects the Government are piloting social impact bonds; and for how long in each case. (325810)

I have been asked to reply.

The Budget announced its support for the first social impact bond (SIB) pilots to help investment in long-term initiatives and support preventative action. The pilots are at different stages of development. The MOJ pilot will aim to reduce reoffending rates in HMP Peterborough and the pilot will last for six years. CLG are working with Leeds city council and NHS Leeds to enable them to use a SIB approach to reduce health and social cares costs among older people. Given this work is at an early stage, the timeframe has not been set. Similarly Bradford metropolitan district council are considering applying this model as part of their involvement in the Government's Total Place programme. Again, no timeframe has yet been set.