£330m dormant account cash to help good causes
TENS of millions of pounds from dormant accounts will be used to help the homeless and back good causes in Wales as part of an initiative launched today.
In total around the UK good causes will benefit from an enormous £330m windfall from bank and building society accounts that have remained untouched for at least 15 years and where the holder cannot be traced by the financial institution involved.
Under plans announced today by UK government minister for sport and civil society Tracey Crouch, the devolved administrations in Wales, Scotland and Northern Ireland will be allocated up to £50m to distribute.
Across England housing initiatives for homeless and vulnerable people, social enterprises and local charities will receive up to £135m.
Another £90m will be used to help disadvantaged youngsters into jobs and £55m is to go on “financial inclusion initiatives” such as tackling problem debt.
Ms Crouch said: “By unlocking millions of pounds from dormant accounts for a range of good causes we can make a real difference to lives and communities across the country.
“This is part of the government’s commitment to building a fairer society and tackling the social injustices that hold people back from achieving their full potential.”
The minister said she was grateful to the financial institutions involved in the Dormant Accounts Scheme.
Since the initiative was established in 2008 almost £1bn has been identified and more than £360m has been distributed to good causes.
The latest allocation of £330m is set to come from dormant accounts over the next four years, the Department for Digital, Culture, Media and Sport said.
Accounts are considered dormant if they have been open 15 years with no transactions being carried out and the holder is not contactable.