Phase 2 report from the payment by results Social Impact Bond pilot at HMP Peterborough

Abstract

At a time when government finances are stretched there is growing interest in finding new ways to fund public services. One new funding model currently being tested is a Social Impact Bond (SIB). A SIB is a form of payment by results in which funding is obtained from private investors to pay for interventions to improve social outcomes. If these interventions are effective, this should result in savings to government and wider benefits to society. As part of a SIB, the government agrees to pay a proportion of these savings back to the investors. If outcomes do not improve, investors do not receive a return on their investment. In September 2010 the first ever SIB was launched in the UK. Approximately £5 million was invested by private individuals and charities is being used to pay for interventions for offenders discharged after serving short prison sentences (less than 12 months) at HMP Peterborough, a prison in eastern England. RAND Europe has been commissioned to evaluate the development, implementation and operation of this first ever SIB. This report is the second from the independent evaluation.

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