Jack Straw
Main Page: Jack Straw (Independent - Blackburn)Department Debates - View all Jack Straw's debates with the Cabinet Office
(10 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hurd
Credit unions are an enormously important part of the landscape in communities around the country, and many do extraordinarily valuable work. We are looking at the degree to which we can support their capitalisation. They are fragmented and under-capitalised, and we are discussing with Big Society Capital, and others, what ideas are out there for using the power of social investment to strengthen the capitalisation of that important movement.
Mr Jack Straw (Blackburn) (Lab)
I was the Minister who got going the first social impact bond at Peterborough. Would the Minister like to say what the experience of that first experiment has been?
Mr Hurd
I wholly acknowledge the role that the right hon. Gentleman played in that groundbreaking social impact bond at Peterborough. Its early results are extremely encouraging, and reoffending among short-sentence prisoners who receive support through the bond has fallen by 11%, while nationally that figure has risen by 10%. It was the first ice-breaking social impact bond, and I think its impact on the wider movement and the work happening across the country, with at least 15 social impact bonds live, cannot be overestimated.