The UK has launched the world’s largest future fund, committing £500 million – A$1 billion – to support vulnerable young people across the country.
Over ten years, the Better Futures Fund will offer struggling families and children “a better start in life” by providing them with support and funding needed “to access a better education, a safe home, and the caring environment they need to flourish”, says a government statement.
The fund – available to 200,000 eligible claimants – “is a big step in the government’s work with the impact economy – unlocking extra resources from philanthropy, social investors and businesses to tackle urgent social challenges”.
Designed to tackle challenges such as school absence, addiction, and reoffending, the money will be invested in the form of social impact bonds – a funding mechanism to enable service providers to enter into outcomes-based contracts with governments.
At the fund’s launch at a school in Wigan – a northern town with high levels of deprivation and unemployment – UK Chancellor Rachel Reeves said: “I got into politics to help children facing the toughest challenges. This fund will give hundreds of thousands of children, young people and their families a better chance. For too long, these children have been overlooked.”
Also at the launch, Culture Secretary Lisa Nandy, who said the fund “represents a major step in partnering with the impact economy, which has long played an important role in strengthening communities and driving inclusive growth”.
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