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10/09/2010
Investment Scheme To Cut Reoffending
A new pilot scheme has been launched, which will see private investors receiving payments if they help to cut reoffending amongst prisoners.
The radical pilot scheme, which investors have put £5 million in social impact bonds into to find rehabilitation projects, has been launched at HMP Peterborough.
Under the scheme, investors could earn a return of up to £8 million from the government and the Big Lottery Fund, if their cash helps to prevent prisoners from reoffending.
However, the return is not guaranteed, and if reoffending doesn't fall a a result of th scheme, investors could lose all their money.
The scheme is being run jointly by the Ministry of Justice and ethical investment bank Social Finance.
Commenting on the project, Justice Secretary Ken Clarke said: "It pays by results. We're going to pay what works and what works should therefore grow and what doesn't work will vanish. I like the innovative funding, the payment by results, the collaborative groups and if it succeeds it will grow and if it doesn't, by that time we will be trying something else."
The scheme was originally announced by the former Labour government earlier this year.
(KMcA)
The radical pilot scheme, which investors have put £5 million in social impact bonds into to find rehabilitation projects, has been launched at HMP Peterborough.
Under the scheme, investors could earn a return of up to £8 million from the government and the Big Lottery Fund, if their cash helps to prevent prisoners from reoffending.
However, the return is not guaranteed, and if reoffending doesn't fall a a result of th scheme, investors could lose all their money.
The scheme is being run jointly by the Ministry of Justice and ethical investment bank Social Finance.
Commenting on the project, Justice Secretary Ken Clarke said: "It pays by results. We're going to pay what works and what works should therefore grow and what doesn't work will vanish. I like the innovative funding, the payment by results, the collaborative groups and if it succeeds it will grow and if it doesn't, by that time we will be trying something else."
The scheme was originally announced by the former Labour government earlier this year.
(KMcA)
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