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Equity tycoon Sir Ronald Cohen is set to receive more than £10m from the Government and the Big Lottery Fund

Social Finance, the social investment bank co-founded by Sir Ronald, could get as much as £11.25m from the Ministry of Justice (MoJ) and the fund to back its "social impact bond".

Private investors have already put £5m behind the bond, which is being used to fund a scheme underway at Peterborough prison that will attempt to cut the proportion of inmates that return to a life of crime on release.

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