A cunning plan or just a vague idea? Social impact bonds have been cautiously welcomed as the first large-scale trials are announced. These trials, in Hammersmith & Fulham, Westminster, Birmingham and Leicestershire, will be based on an earlier pilot at Peterborough Prison, relating to reoffending. Social impact bonds have also been trialled in Essex and Liverpool. Meanwhile, the Big Society Bank has been renamed, now to be known as Big Society Capital.
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