Tony Baldry
Main Page: Tony Baldry (Conservative - Banbury)Department Debates - View all Tony Baldry's debates with the Cabinet Office
(10 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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.
Sir Tony Baldry (Banbury) (Con)
Does my hon. Friend agree that we all need to do more to make voluntary organisations and charities aware of the benefits of the growing social investment market of Big Society Capital, and of the Public Services (Social Value) Act 2012?
Mr Hurd
I wholly agree and I am clear about what we are trying to do. Over time—it will take some time—we are trying to build a third pillar of funding for our social sector to sit alongside philanthropy and the public sector, and we lead the world in doing that. The Public Services (Social Value) Act was groundbreaking legislation that requires commissioners to think very seriously about how they can maximise the social and environmental benefit of every pound of public money they spend.