Mark Garnier welcomes investment into Wyre Forest to tackle homelessness, especially in young people. On the 9th of December the Government announced that £15 million pounds of investment would go towards providing long term housing, employment and educational support for 600 of the country's most vulnerable homeless people aged between 18 and 24. They have called it the Fair Chance Fund and it will be funded through social impact bonds. The announcement also comes alongside the similarly funded £8 million Help for Single Homeless Fund. This will benefit 22,000 homeless people nationwide.
Both funds will be actively used in Wyre Forest from January 2015. The winning Fair Chance investor in Wyre Forest is St. Basils and it aims to help those whom other services may have already failed. The funds are to be spent over three years, though the impact will be much longer lasting. The key aim of the Single Homeless Fund is to encourage local authorities to work with local partners (public health, voluntary sector organisations, and probation service) to provide a stronger single homeless offer.
Social impact bonds work by having the cost of services paid by investors. The return on investment is not capital but positive social outcomes. If such outcomes are not achieved investors stand to lose their money. The risk of such projects is taken off of the tax payer and the voluntary or non-governmental organisation and onto the private investor. The UK is the world leader in this type of investment and has seen huge success with it, such as lowering reoffending rates in prison. The positive outcomes of the Fair Chance Fund include sustaining settled accommodation for six months to two years; achieving National Vocational Qualifications; and sustaining full or part time work for a given period.
In the same vein the Wyre Forest MP is pleased that since September school children have been getting lessons in personal budgeting, insurance, and a range of other financial products and tools. As vice-chair of the 249 strong All Party Parliamentary Group on Financial Education for Young People Mark Garnier MP played a key role in pushing these curriculum changes through. These skills will help on a daily basis, encourage sustainable entrepreneurship, and an interest in the renewed national financial services sector.
MP Mark Garnier, said: "All young people should be able to leave school feeling like they can achieve their dreams. Doing this really starts at the basics of ensuring that our national curriculum gives them tangible life skills. However for some even getting to school, with clean clothes and a lunch, to get these skills, is hampered by homelessness. Thus these new initiatives will make a great difference for young homeless people. I am pleased that social impact bonds continue to connect businesses and communities in meaningful ways, and ensure that competitive, concrete results are achieved."