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Unemployment: Young People

Work and Pensions written question – answered on 25th February 2013.

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Photo of Stephen Timms Stephen Timms Shadow Minister (Work and Pensions)

To ask the Secretary of State for Work and Pensions pursuant to his answer of 6 February 2013, Official Report, column 355W, on social enterprises, if he will provide details of the 10 social impact bonds intended to tackle youth unemployment, including their geographical coverage; and what progress has been made on each to date.

Photo of Mark Hoban Mark Hoban The Minister of State, Department for Work and Pensions

The youth unemployment social impact bond projects will support disadvantaged young people and those at risk of disadvantage aged 14 years and over. The 10 investors and delivery locations are:

Contracting body Delivery locations
APM UK Ltd West Midlands: Birmingham
Stratford Development Partnership East London: Stratford, Canning Town, Royal Docks (Newham), Cathall (Waltham Forest)
Indigo Project Solutions Perthshire and Kinross
Nottingham City Council Nottingham City
Private Equity Foundation East London: Shoreditch
Triodos Bank Greater Merseyside
Prevista London: boroughs of Brent, Ealing, Hammersmith and Fulham, Hounslow, Westminster and Haringey
3SC South Wales: Cardiff and Newport
Social Finance 3 South West England: Bracknell Forest BC, Buckinghamshire CC, Milton Keynes Council Oxfordshire CC, Reading BC, Slough BC, West Berkshire DC, Royal Borough of Windsor and Maidenhead, Wokingham BC
Social Finance 4 North West England: Manchester, Salford, Bolton, Oldham, Tameside

The Innovation Fund is progressing well. All of the projects have started and a total of around 4,000 disadvantaged young people have started on the programme, with a growing number of positive outcomes recorded. At this time, with the last of the projects only just under way, we do not have a detailed breakdown of performance for each of the 10 projects.

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