Assembly to examine homeless scheme

St Mungo's Trust and Thames Reach are helping to reach 831 people sleeping rough on the capital's streets Credit: ITV London

The London Assembly is to examine the capital's first Social Impact Bond - a new way to fund social projects using private investment.

The Mayor, Boris Johnson, introduced one of these bonds in November 2012 to target more than 800 people sleeping rough on London's streets.

The three-year scheme allows charities, social investment companies and individuals to contribute to social projects, and all could make a profit if key targets are met.

The London Assembly's Budget and Performance Committee is to examine those behind the approach, to find out if it's working.