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Thursday, 04 January 2018

Homelessness scheme to receive share of £330m dormant accounts windfall

Written by Shaun Connolly

Hundreds of millions of pounds from dormant accounts are to be used to help the homeless and boost good causes.

The £330 million windfall is to come 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.

Housing initiatives for homeless and vulnerable people, social enterprises and local charities will receive up to £135 million across England, minister for sport and civil society Tracey Crouch said.

Another £90 million will be used to help disadvantaged youngsters into jobs, and £55 million is to go on "financial inclusion initiatives" such as tackling problem debt.

Up to £50 million will also be distributed by the devolved administrations in Scotland, Wales and Northern Ireland.

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 £1 billion has been identified, and more than £360 million has been distributed to good causes.

The latest allocation of £330 million 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.

Copyright (c) Press Association Ltd. 2017, All Rights Reserved. Picture (c) Yui Mok / PA Wire.