So the Oxera team sought to capture the benefits of reducing homelessness in getting young people into employment or training, preventing them from re-offending, treating their mental health issues and reducing their substance misuse. These are a subset, albeit an important subset, of the social costs of homelessness. The results of this study, which was published by PBE last year, are outlined in Figure 12. To cut a long story short, the study suggested that, for every £ spent by Centrepoint, there was a societal benefit of at least £ Or, put differently, Centrepoint delivered a social return on investment of 140% over a five year period. This was very much a lower bound estimate. Let me give you a second example of a PBE social impact study, this time on an even grittier issue – child sexual exploitation. In 2012, a PBE team from the Bank of England did a piece of work for Barnardo’s to judge the impact of their interventions to help exploited children. 26 They looked at the reduced incidence of missing person calls to the police, the reduced probability of becoming classified as Not in Employment, Education or Training (NEET), reductions in substance misuse and the benefits from secure accommodation. These benefits are outlined in Figure 13. They suggest a higher social welfare multiplier, perhaps as large as six to twelve. This is not miles away from estimates from a recent City of London study.
This expanded role reminds us that the monitoring responsibility of a Central Bank is crucial. Our dedication to stability and our forward looking approach in a globalised financial world is a challenging task. Long lasting cooperation among Central Banks and stimulating conferences like this one largely contribute to this achievement. Thank you for your attention. 6  BIS Review 113/2010