This report is the first output of an independent evaluation of the Social Impact Bond (SIB) at HMP Peterborough, commissioned by the Ministry of Justice.
A SIB is a form of payment by results in which funding is obtained from private investors to pay for interventions to improve social outcomes. The Peterborough SIB, launched in September 2010, aims to reduce reoffending by prisoners who have served short custodial sentences.
This report is based primarily on the findings from interviews with 22 individuals from organisations involved in the development and implementation of the SIB. It aims to identify early lessons which may inform future SIBs or wider payment by results pilots under consideration by the Ministry of Justice and other government departments.