“Crucially, I want to work with government as we create a path forward, to ensure that we never see such events, ever, again.
“I want to see the government using inclusive growth as a tool by which to repair the deep-rooted issues that sit under these horrendous acts, growth of this kind offering an important pillar upon which our communities can be rebuilt.
“Riots come from a number of things: lack of opportunity; embedded racism; and poverty – exacerbated by the cost of living crisis. This list is non-exhaustive. However, it is here, that Pathway’s work, I believe, is already having an impact – utilising money coming from the Dormant Assets Scheme, to heal those divisions.”
Hastings’ call comes as Pathway Fund’s polling shows more than 50% of the British public want to see the government do more to support Black and ethnically minoritised communities.
More than 60% of Brits want to see the Dormant Assets Scheme expanded to support good causes, like those charities supported by Pathway, the poll also found.
If the scheme is paired with “substantive social investment”, the capital could grow the UK’s economy by £3bn with the Treasury benefitting from a £1bn boost, Pathway Fund’s analysis claimed.
Meanwhile the growth of 800 Black and ethnically minoritised social enterprises alongside improvements to community cohesion could allow for the creation of 36,000 jobs across some of the UK’s most deprived areas.
Hastings was in the House of Lords when the Dormant Assets Act 2022 was on the path to law.
The act expanded the assets eligible for inclusion in the Dormant Assets Scheme to include dormant assets from insurance, pensions, investments, wealth management and publicly listed companies.
“We ultimately want the government to embody the strong, compassionate, and inclusive ideals that it holds, by ultimately pushing forward with the Dormant Assets Scheme,” said Lord Hastings.
“In my view, over the last decade the Dormant Assets Scheme has been transformational in growing the social investment sector to support thousands of community and social enterprises. However, given recent events, we must now look to the future and to the inspiration of further transformation.”
He added: “As someone who has spent a lifetime working to harness the potential of private capital, for the benefit of entities doing good in society – and as someone who contributed to the Dormant Assets Act 2022, as it moved through Parliament – this is an area in which I firmly want to see change brokered.”
Following the UK riots, prime minister Keir Starmer promised communities affected by the unrest “will be safe”.
The PM set out a package of support for Southport, including long-term efforts to bring the community together by working with local leaders.
He also announced the creation of a national violent disorder programme to prevent further violence, including wider deployment of facial recognition technology,
Social Enterprise UK, the sector’s representative body, said social enterprises “can be there in force to rebuild”.
Pathway project director, Dilys Winterkorn, said more can be done.
“As things stand, the UK can harness some £3bn if it takes seriously schemes like that of the Dormant Assets Scheme,” said Winterkorn. “We all know people impacted by these riots – and having someone as well-respected as Lord Michael, able to speak for them, is absolutely what we need to be seeing, right now.”
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