It's both, I think. I think there's an element of a Swiss Army knife here. It can be used in multiple ways.
There are 31 social impact bonds in the U.K. at the moment, in five different policy areas, including health, reoffending, youth unemployment, children at risk, and then adoption. We're seeing a variety of ways in which these are being used by public commissions.
Some are using these as a way of bringing innovation into the system, of essentially testing out ideas that they have a broad sense might work but not an absolute sense. They're keen to procure this for an outcomes-based approach and then to have a broader set of providers delivering this. They're using social investment to allow them to do that.
Some are looking at this area as a way of financing upfront interventions paid for by savings down the line, and essentially see this as the tool to enable them to do early intervention.
It's my gut feeling that over time we'll see both, but we'll see them going in slightly different ways. I think we'll probably start seeing much larger social impact bonds focused on things like efficiency savings, but we'll still see smaller dedicated social impact bonds looking at public service innovation.