Chancellor Rachel Reeves will launch a £500m fund on Monday aimed at helping up to 200,000 vulnerable children. Labour 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 £500m from councils, investors and philanthropists to top up the government’s cash.
The chancellor will launch the initiative on Monday during a school visit in Wigan.
Earlier 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.”
Speaking to The Guardian, Treasury chief secretary Darren Jones said the policy matched a personal mission to expand social impact investment.
Reflecting on his own upbringing in a deprived area of Bristol, Mr Jones said: “I’ve now had a great career and I get to do this job. And a lot of that stems from what the New Labour government did. So essentially this type of funding mechanism, this investment into tackling the root causes of poverty is something that’s very personal to me.”
The launch is backed by groups including Save the Children UK, The King’s Trust, and Oxford University’s Blavatnik School of Government.
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