When Pro Bono Economics (PBE) was set up in 2009 by Andy Haldane and Martin Brookes, they may not have imagined that seven years on, the small London-based charity would make such an impact. PBE has already engaged with nearly 300 charities and social enterprises across the UK on impact and value projects, providing assignments to highly-skilled economists who volunteer their time – from the public and private sectors, as well as from academia.

PBE's latest report for Tomorrow’s People provided another opportunity for Andy and Martin to contribute to a new study. A team of economists from the Bank of England worked with staff at Tomorrows People, where Martin is now CEO, to revisit an evaluation of Tomorrow’s People’s programme “Working It Out,” specifically targeted at disadvantaged young people across the UK.

Building on an earlier study from FTI Consulting, the Bank of England team delved deep into the data to reveal that Tomorrow’s People delivers outstanding social return on investment by providing excellent employment and social outcomes for its beneficiaries. The report shows that “Working It Out” engaged with 4,000 young people between 2007-2014 and, using newer, updated datasets, demonstrated an average benefit of £380 for every £100 spent; a significant increase on FTI’s study from 2007-2011 which showed a cost-benefit ratio of £240 for every £100 spent.

Commenting on Tomorrow’s People's work, Martin Brookes said:

“Since the charity was founded in 1984 it has consistently opened itself up to external scrutiny. This latest report confirms that our work with young people has a major, positive impact on individuals, society and the economy, both through recession and during an improving economy. Our culture of analysis enables us to review our performance and maximise the effectiveness of our work.”

With public trust in the charity sector at an all time low according to the Charity Commission’s annual trust and confidence survey (June 28 2016), this latest review of the contribution Tomorrow’s People makes to its beneficiaries and the UK economy is certainly a good news story for the sector.

Mark Carney, Governor of the Bank of England said:

“"The work of Tomorrow’s People is vitally important.  At an individual level, it helps young people realise their potential and avoid becoming ever-more-distant from the labour market.  At a societal level, it helps to break the vicious cycle between high unemployment and high levels of crime and poor health.  And at an economic level, it delivers tangible economic benefits, as demonstrated in the report.

“The work of Tomorrow’s People is so valuable to young people and to wider society, and I am delighted that Bank of England economists have given their personal time and expertise to help demonstrate the effectiveness of this impressive charity.”

The full report can be accessed here.
An abridged version can be found on the Tomorrow’s People website here.