Essex County Council Leader speaks at G8 Social Investment Summit
7 June 2013
Councillor David Finch, Leader of Essex County Council, yesterday spoke at a conference on social investment being held by the G8 - the group of the world’s eight wealthiest nations. As part of the UK’s G8 Presidency, Prime Minister David Cameron asked for an event on social impact investment in order to push the agenda forward, grow the social investment market and increase investment.
As the first local authority to explore social investment, Cllr Finch hosted a workshop on the benefits of social investment bonds (SIB) and explained why Essex has chosen to introduce this approach.
The Essex SIB is a means of financing interventions targeted at vulnerable people on the edge of care with the simple aim of keeping them out of care. The bond will fund intensive work with families experiencing difficult times and with complex needs, working with around 380 young people with the aim of keeping families together, not apart.
Cllr Finch said: “Social investment is exciting to Essex. It is exciting because it provides a new means of raising funding to deal with social problems at a time when our finances are under pressure and our sources of income falling. Essex’s social investment bond aims to divert young people away from the care system, to improve their social outcomes and life chances. It is an innovative new mechanism for financing interventions and I’m delighted to be here today to share Essex’s experience and learning.”
The G8 Social Investment Conference provides a platform for senior politicians, major philanthropists, leading investors and business executives, pioneering entrepreneurs and innovative policymakers from across the G8 to discuss the opportunities and challenges that a global social impact investment market presents.