More information on the metrics for the second social impact bond project announced by Civil Society Minister Nick Hurd involving problem families in Birmingham, Hammersmith and Fulham, Leicestershire and Westminster.
The new bond for projects with problem families is likely to be more complex. The consultants A4e Insight have been hired by the Office for Civil Society to develop the metrics and will produce an initial report by Christmas. Edward Hickman, director of the firm, says that before any project can go ahead, it must be able to quantify a way of improving families' lives and the improvement must generate sufficient savings for the local authority. Those savings must also be "cashable", he said - capable of being turned into hard cash that will be used to pay back investors.
Andy Robinson, assistant chief executive of Leicestershire County Council, one of the local authorities involved, says there are likely to be a number of metrics. "There are a range of outcomes that might benefit the council," he says. "They might include a reduction in police visits, a decrease in eviction rates, or a rise in school attendance."
Source:
Third Sector
Analysis: Can social impact bonds help to create a better society?
1 November 2011
http://www.thirdsector.co.uk/news/1101352/analysis-social-impact-bonds-help-create-better-society/
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