Iain Duncan Smith’s Plan To Privatise … Everything?
Iain Duncan Smith gave a speech at the Social Investment Conference last week discussing how Social Impact Bonds are “transforming the whole culture of public spending”. These bonds are the latest way to funnel tax payer’s money into the private sector by allowing investment companies to hand out contracts to run public services on a payment by results model.
The way it works is simple. A bunch of city spivs and social enterprise bosses get together and decide they can fix a social problem such as street homelessness. A list of ‘outcomes’ are drawn up, such as the number of homeless people they think can place in accommodation and the government agrees to give them lots of our money if they are successful. The spivs then either lend or…
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