A new £500m fund will be announced to support charities and civil society organizations in improving youth services, targeting issues like mental health, school exclusion, and crime. The initiative hopes to generate an additional £500m in support from local governments and organizations. The funding will renew the previous life chances fund and will be managed through social impact bonds. This initiative aims to provide better opportunities for vulnerable children and young people, ensuring those in need receive essential support.
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.
Lisa Nandy, the culture, media and sport secretary, said: 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.
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