Cabinet Office has announced a partnership with the Blavatnik School of Government, University of Oxford to create a new centre of excellence for Social Impact Bonds and innovative government commissioning, called the Government Outcomes Lab.
The 5-year partnership will develop world-leading research in this field and provide practical, on the ground support to local commissioners.
The Government Outcomes Lab will find new ways for the public sector to commission services while achieving better social outcomes, aligning the interests of local authorities, social investors and charities.
Government initiatives such as the Fair Chance Fund have contributed towards the development of 32 Social Impact Bonds across the UK, supporting tens of thousands of beneficiaries in areas like youth unemployment, mental health and homelessness.
Minister for Civil Society, Rob Wilson said:
“Social Impact Bonds represent a revolution in the way government can deliver public services. They generate huge potential savings for the taxpayer, the prospect of increased revenues for charities and social enterprises and returns to social investors.
The Government Outcomes Lab will give local authorities the support they need to develop more Social Impact Bonds more quickly and build a centre of research excellence within the UK. It will continue our world leadership in this area and help us to build a truly compassionate society.”