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£30m investment to improve the lives of vulnerable young people

April 30, 2014 11:11 AM
Originally published by UK Liberal Democrats

Liberal Democrat leader and Deputy Prime Minister Nick Clegg has announced a £30m investment to help improve the lives of up to 20,000 vulnerable young people.

The funding will support disadvantaged young people, helping them to improve their prospects and prevent them from finding themselves not in employment, education or training (NEET).

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The investment will be made in two new schemes targeting 14-24 year-olds, which will help them to develop vital skills to improve their educational goals and boost their employability.

These schemes are:

-The Youth Engagement Fund- which aims to support up to 18,000 young people in more than 100 schools in England to help them to improve their skills and employability.

-The Fair Chance Fund- aims to move over 2,000 homeless young people into sustainable accommodation as well as employment, education or training over three years.

The investment will be delivered through social impact bonds (SIBS) and organisations, charities and investors will each bid for a share of the £30m.

Cash will be awarded to the best programmes.

Commenting, Nick Clegg said:

"Our most vulnerable young people can feel like they're stuck in a rut and cast aside by society, with no future or prospects to help them get the skills, confidence or opportunities they need to succeed.

"Our £30 million package opens up the chance for people to invest in programmes that deliver real results. It means that thousands of young people struggling in schools, or living on the streets will have the support they need to improve their educational achievement, get employment and get into sustainable housing.

"We're going in the right direction with youth unemployment down by 98,000 over the past year, but we need to do more to prevent disadvantaged young people from becoming just another statistic. Helping all our young people get back on track needs innovation so that we can prevent young people from falling out of education, employment or training."