Government opens consultation on next stage of £700m dormant assets scheme
The government is consulting on plans to distribute more than £700m to charities and social enterprises in England from the dormant assets programme.
The scheme, which was launched in 2008 to redirect cash from long-forgotten bank accounts to good causes, has been expanded to include other dormant financial assets including pensions, insurance plans and investments.
Ministers estimate that the expanded programme will free up another £880m for UK charities and plan to distribute £738m in England, although the consultation document warns that “this money will not immediately become available and is expected to take several years to be released”.
The dormant assets scheme has distributed just under £900m to charities and social enterprises so far.
The government consultation asks for specific ideas on using the new funding for youth projects, help with financial inclusion and social investment, all of which are already backed by dormant assets cash, as well as the creation of community wealth funds.