Up to £330 million will be recovered from dormant bank and building society accounts to help fund good causes, Minister for Sport and Civil Society Tracey Crouch announced today.
The money, which will be sourced using the Dormant Bank and Building Society Accounts Act to access open accounts untouched for 15 years, will be distributed over the next four years by Big Lottery Fund [BLF] and Big Society Capital [BSC].
And while it potentially frees up plenty of funds to invest in a range of courses, the government is legally required to return any money if the legal account holder asks for it to be returned.
NEW BLOG: 'More Dormant Accounts funds available for social investment' – Our CEO @cliffprior discusses @DCMS commitment of £135 million for social investment. Read more here: https://t.co/4Kj8ciTs2T#SocInv#SocImp#DCMSpic.twitter.com/U4WZYwjkxu
— Big Society Capital (@BigSocietyCap) January 4, 2018
From the full total, around £280m will be allocated to initiatives across England to help disadvantaged young people into work as well as tackling problem debt and providing housing for families and vulnerable people.
Up to £135m of this will be used by BSC, alongside private co-investment, to fund stable and long-term accommodation for vulnerable groups, including homeless people and those with mental health issues, while also giving local charities and social enterprises a boost.