Latest news with #BetterFuturesFund
ITV News
2 days ago
- Business
- ITV News
What's in the government's £500m plan to tackle child poverty?
The government has announced a new £500 million fund aimed at improving the life chances of vulnerable children facing poverty. The money will be used to tackle issues faced by children and their families, such as school absence, mental health and criminal behaviour. The government has described it as the "world's largest fund of its kind", but how will it be paid for, and how will it work? What is the Better Futures Fund? The fund announced by the Chancellor Rachel Reeves aims to help up to 200,000 children facing poverty by funding local projects that tackle things like addiction and school absence. ITV News understands the money will be invested in "social impact bonds", a system where private investors are encouraged to put money into certain schemes and recoup their costs from the government when a particular target is met. The announcement has also received cross-party support, with Conservative ministers saying this builds on the "Life Chances Fund" they implemented while in government - a scheme that received £70 million of funding at the time. The scheme also bears some resemblance to the previous Labour government's "Sure Start" support, aimed similarly at early years assistance. Former Labour Prime Minister Gordon Brown had recently called for further investment of this sort, to the tune of £1 billion. While the government is putting in half of this amount, it hopes councils, investors and philanthropists will match this. The fund will run for ten years and be overseen by the Department for Culture, Media and Sport, with more operational details due to be set out in time. What sort of projects are being invested in? The money will be used to fund a wide variety of projects targeting specific issues facing vulnerable children. These fall into categories like: school absence, addiction, mental health, education, and criminal activity. The Skill Mill is one project which received funding under the Conservatives' "Life Chances Fund" - the precursor to Labour's Better Futures Fund. The Skill Mill provides support to more than 243 young ex-offenders across eight local authorities by offering them paid real work experience, recognised qualifications, and advice. The reconviction rate of people they have supported is just 8% compared to 63% for young offenders outside of the scheme with 11+ convictions. The founder of The Skill Mill, David Parks, offered his backing to The Better Futures Fund, saying it represented a "real shift" in the support for to vulnerable children and their families. "By moving the focus from inputs and activities to meaningful person-centred outcomes, we create more impact for individuals and better value for society," he said. "At The Skill Mill, we've seen the transformation in the young people who have offended and how much they value the second chances they have been given. "Partnering for outcomes holds the key to creating support and programmes that really work, solving some of society's biggest challenges. Everyone wins.' How will Rachel Reeves pay for it? The announcement comes against a backdrop of tight finances, a weak global economic picture, and a blackhole in the chancellor's budget after the government's welfare reform climbdown. Furthermore, many MPs, as well as voters, are urging the government to lift the two-child cap on support currently in place. Supporters of lifting this cap claim it would be the single biggest thing the government could do to lift children out of poverty, but it would come with a roughly £3.5 billion price tag. The £500 million being invested in the Better Futures Fund is significantly cheaper, but still only half of that recommended by former Prime Minister Gordon Brown. Speaking on Monday, Reeves claimed previous projects of this nature have drawn in at least as much money in private investment, and they hope to achieve the same in this instance. The chancellor hopes that, as well as this additional investment, the positive effects of this scheme will be felt for "many years to come", ultimately saving the public money in the long term. What has the chancellor said? Trailing the announcement, 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.' Speaking on Monday from a school in Wigan, the chancellor said she could already see the impact of programmes operating but that the benefits would be felt "for many years to come" in better jobs, wages and educational attainment. Culture Secretary Lisa Nandy, whose department will oversee this scheme and accompanied the chancellor to make this announcement, said: 'This groundbreaking Better Futures 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. 'As part of the plan for change, we're bringing together Government, local authorities, charities, social enterprises and philanthropists to create a powerful alliance that will transform the lives of vulnerable children and young people. 'We owe them the best start in life. 'Together we will break down barriers to opportunity, ensuring those who need support most aren't left behind and have the chance to reach their potential.'
ITV News
3 days ago
- General
- ITV News
New Government fund aims to support struggling families across the North West
Vulnerable children and families across the North West could benefit from a new government fund. The Better Futures Fund, launched by Chancellor Rachel Reeves during a visit to a school in Wigan, aims to help up to 200,000 children and families across the country over the next ten years. The fund is designed to bring together local councils, charities, social enterprises and community groups to provide early support to children facing disadvantage. That could include support in schools to boost attendance and behaviour, help for young people at risk of crime and employment support to secure brighter futures. Wigan-based charity AllChild, which hosted the launch, has already seen success with local projects, reporting a reduction in persistent school absence and improvements in children's wellbeing. Louisa Mitchell MBE, Chief Executive of AllChild, said: 'I warmly welcome the government's Better Futures Fund as a pivotal step toward transforming how we support children and families across the country. "It's vital that children engage with the right support and opportunities, at the right time, in the right way." The government says the fund, which is the largest of its kind globally, forms part of a wider Plan for Change to give every child a safe home, access to education, and opportunities to succeed. But some in the region are urging caution. Community organisations say that while the fund is welcome, it must be matched with long-term investment and practical support for overstretched local services. Greater Manchester has already seen social outcomes partnerships in action, including programmes to help young people avoid homelessness and reoffending. Local leaders say continued support will be crucial to expand those efforts. Chancellor Rachel Reeves said: "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. Our Plan for Change will break down barriers to opportunity and give them the best start in life." Further details of how the Better Futures Fund will be rolled out in the North West are expected later this year.
South Wales Guardian
3 days ago
- Business
- South Wales Guardian
Reeves to launch £500m fund to help vulnerable children
The Government says the Better Futures Fund will be the largest of its kind in the world. It will be used to help struggling and vulnerable children and their families with a variety of problems they face. This could include early support to tackle challenges such as school absence, mental health issues, addiction and falling into a life of crime. The fund will run for 10 years, and ministers plan to raise a further £500 million from councils, investors and philanthropists to top up the Government's cash. The Chancellor will launch the initiative on Monday, as she visits a school in Wigan. Ahead of the visit, Ms 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.' The fund will be overseen by the Department for Culture, Media and Sport, and more details about how it will work will be released in the near future, according to the Government. Culture Secretary Lisa Nandy said: 'This groundbreaking Better Futures 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. 'As part of the plan for change, we're bringing together Government, local authorities, charities, social enterprises and philanthropists to create a powerful alliance that will transform the lives of vulnerable children and young people. 'We owe them the best start in life. 'Together we will break down barriers to opportunity, ensuring those who need support most aren't left behind and have the chance to reach their potential.' The launch is backed by groups including Save the Children UK, The King's Trust, and Oxford University's Blavatnik School of Government. Elsewhere, ministers will host the first civil society summit this week, which aims to hammer out a plan for how Government will better work alongside charities and other organisations outside of the world of Westminster to the benefit of the public. Sir Mel Stride, the Conservatives' shadow chancellor, said the Government's plans would 'build on the Life Chances Fund – a Conservative policy that supports families and vulnerable children'. He added: 'But Labour's jobs tax has pushed up unemployment and prices, trapping more children in workless, struggling homes. 'Labour are taxing work, choking growth, and driving families into hardship. 'Under Kemi Badenoch, the Conservatives back the makers – protecting public finances, supporting working parents, and making sure hard work pays. 'Britain deserves a government that rewards effort, not one that penalises success.'
Arab News
3 days ago
- Business
- Arab News
Britain launches 500 million pound fund for vulnerable children
MANCHESTER, England: Britain on Sunday announced a 500 million pound ($675 million) fund intended to help up to 200,000 vulnerable children. The Better Futures Fund aims to provide support for struggling families and give children access to better education and a safe home over the next 10 years, the government said. Prime Minister Keir Starmer and his finance minister Rachel Reeves are under pressure from their own Labour Party lawmakers to provide more support for low-income families. Earlier this month, Starmer was forced to gut key parts of his welfare reform plan in order to pass legislation through parliament. 'This fund will give hundreds of thousands of children, young people and their families a better chance,' Reeves said in a statement. 'Our 'Plan for Change' will break down barriers to opportunity and give them the best start in life.' The finance ministry said it planned to raise another 500 million pounds from local government, social investors and philanthropists. Mel Stride, finance spokesman for the opposition Conservative Party, said he welcomed the new funding but said Labour's economic policies had hurt struggling families. The government is also considering whether to abolish a two-child limit on welfare payments to parents as it reassesses several unpopular policies to reverse a slide in its poll ratings.
Glasgow Times
3 days ago
- Business
- Glasgow Times
Reeves to launch £500m fund to help vulnerable children
The Government says the Better Futures Fund will be the largest of its kind in the world. It will be used to help struggling and vulnerable children and their families with a variety of problems they face. This could include early support to tackle challenges such as school absence, mental health issues, addiction and falling into a life of crime. The fund will run for 10 years, and ministers plan to raise a further £500 million from councils, investors and philanthropists to top up the Government's cash. The Chancellor will launch the initiative on Monday, as she visits a school in Wigan. Ahead of the visit, Ms 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.' The fund will be overseen by the Department for Culture, Media and Sport, and more details about how it will work will be released in the near future, according to the Government. Culture Secretary Lisa Nandy said: 'This groundbreaking Better Futures 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. 'As part of the plan for change, we're bringing together Government, local authorities, charities, social enterprises and philanthropists to create a powerful alliance that will transform the lives of vulnerable children and young people. 'We owe them the best start in life. 'Together we will break down barriers to opportunity, ensuring those who need support most aren't left behind and have the chance to reach their potential.' The launch is backed by groups including Save the Children UK, The King's Trust, and Oxford University's Blavatnik School of Government. Elsewhere, ministers will host the first civil society summit this week, which aims to hammer out a plan for how Government will better work alongside charities and other organisations outside of the world of Westminster to the benefit of the public. Sir Mel Stride, the Conservatives' shadow chancellor, said the Government's plans would 'build on the Life Chances Fund – a Conservative policy that supports families and vulnerable children'. He added: 'But Labour's jobs tax has pushed up unemployment and prices, trapping more children in workless, struggling homes. 'Labour are taxing work, choking growth, and driving families into hardship. 'Under Kemi Badenoch, the Conservatives back the makers – protecting public finances, supporting working parents, and making sure hard work pays. 'Britain deserves a government that rewards effort, not one that penalises success.'
