DCMS has launched a public consultation on what social and environmental causes should benefit from £738 million of dormant assets funding in England.
At the moment, dormant assets funding in England has to be spent on three causes: youth, financial inclusion and social investment. The government is consulting on whether these remain the right causes.
The Dormant Assets Scheme has recently expanded to include the insurance and pensions, investment and wealth management, and securities sectors. It’s been estimated that this will unlock around £880 million for good causes across the UK, with £738 million of this to be made available for England over time.
The consultation was announced last month, and has just opened. Individuals, community groups, and other stakeholders are invited to have their say before the 9 October deadline. One option under consideration is a community wealth fund proposal that would see pots of money distributed over long periods of time in local communities in England, with decisions made by residents to make a difference where it is most needed.
Commenting, Nigel Huddleston, Minister for Sport, Tourism, Heritage and Civil Society, said:
“This consultation will allow everyone’s voice to be heard so that the Scheme can make a difference where it matters. With the cost of living crisis, it is more important than ever that we hear views from communities up and down the country on what causes we should support.
“I encourage everyone to participate in this unique opportunity to have your say on the future of dormant assets funding in England.”
To date, the Dormant Assets Scheme has released £892 million, including £44 million allocated in England this year to tackle youth unemployment, to support communities in deprived areas, and provide people in need with access to finance.
In England, the scheme has so far channelled £110 million into breaking down barriers to employment for disadvantaged young people and £100 million into increasing access to fair and affordable financial products and services for vulnerable individuals. £485 million of funding has also gone to charities and social enterprises since the scheme’s inception.