The government has launched a consultation into how to spend up to £880 million of dormant financial assets secured under the Dormant Assets Act 2022.
The public consultation follows the passage of the Dormant Assets Act 2022 earlier this year, which expanded the Dormant Assets Scheme into a wider range of sectors. The expansion potentially unlocks around £880 million for good causes across the UK, £738 million of which will be made available for England.
Since 2011, the Dormant Assets Scheme has unlocked £892 million of dormant financial assets for social and environmental causes across the UK. In England, almost £700 million has been allocated to date: £110 million to break down barriers to work for young people; £100 million to tackle financial exclusion; and £485 million for investment in charities and social enterprises.
Richard Fuller MP said:
The Dormant Assets Act 2022 expanded the Scheme, bringing billions of pounds of additional dormant assets into scope. Our industry partners estimate that this will unlock approximately £880 million more for good causes across the UK, with 83.9% of funds allocated to the English portion.
This is a significant amount of money, and it is right that the public and the Scheme’s voluntary industry participants have their say in how it should be spent.
In the context of recovery from the COVID-19 pandemic and pressures on the cost of living, the government is inviting input on how the Scheme can deliver the greatest impact in England over the coming years. The consultation will inform what broad social and/or environmental causes should be prescribed in future secondary legislation.
It invites specific views on four causes:
- youth
- financial inclusion
- social investment, and
- community wealth funds
It also welcomes suggestions for any other social or environmental causes that the government should consider.
To take part in the consultation, please visit this page.