Children’s minister Sarah Teather confirmed that £3.5m will be made available to fund an independent foundation over two years, after which it will become self-financing.
The foundation would also look for investment of up to £10 billion from the city and other private investors to back successful early intervention schemes, by investing in social impact bonds which would give a return over time. This is likely to be based on a payment-by-results model.
The foundation will provide advice to charities, local authorities and others on running and funding early intervention programmes, and build up the evidence on early intervention schemes that work.
The plan is part of Iain Duncan Smith’s Social Justice Strategy published today.
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