First social impact bond report outFriday, 27 May 2011
The first report into the Social Impact Bond pilot at HMP Peterborough will 'inform our continued progress in payment by results' schemes to reduce reoffending, Justice Secretary Kenneth Clarke said.
The pilot is the first payment by results scheme commissioned by the UK Government in any sector and is an exciting way of attracting new investment from social entrepreneurs to tackle reoffending, whilst lightening the burden on the taxpayer.
The findings in the report are based on interviews with 22 key stakeholders involved in the development and implementation of the Social Impact Bond (SIB), and raise issues and potential lessons for other payment by results pilots set to be announced later this year.
Secretary of State for Justice Kenneth Clarke said: 'This report, focused on the planning and early implementation of the Social Impact Bond pilot at HMP Peterborough, is an important step in this Government's commitment to payment by results and delivery of a more successful criminal justice system.
'Our work here is a world first in any criminal justice system and I know that this report will not only inform our continued progress in payment by results but also be of interest to partners both across the UK and internationally.'
The report does not seek to provide evidence on the impact of the SIB on reoffending, which will be addressed at a later stage when the relevant data has been collected.
In December's Green Paper, 'Breaking the Cycle', the Ministry of Justice announced that it would develop at least six new payment by results projects in the coming year. Independent providers will only be rewarded for achieving a reduction in re-offending.