To ask Her Majesty's Government what assessment they have made of Social Impact Bonds as a commissioning tool.
Answered on
17 July 2018
Headline findings from evidence work undertaken by Government have shown that Social Impact Bonds can successfully address complex social problems through innovative practice and help individuals who have multiple needs.
Where Social Impact Bonds have launched, they have demonstrated evidence of both improved outcomes and reductions in high cost events, such as the entry of looked after children into residential care. The level of impact evidence from Social Impact Bonds has also proven to be typically higher than many government programmes.
Government has increased funding available for new Social Impact Bonds and it is important that these provide robust evaluations to inform further assessment.
The Centre for Social Impact Bonds in DCMS continues to work with the Government Outcomes Lab at Oxford University, a centre of expertise for Social Impact Bonds and innovative Government commissioning, to build the evidence base for Social Impact Bonds.