UK Government to release £330m from Dormant Accounts
The UK Government has announced it is releasing £330m from dormant accounts to projects that assist with housing vulnerable people and help disadvantaged young people into employment. The money comes from bank and building society accounts that have not been accessed for 15 years or more, and it will be distributed over the next four years.
Up to £135m will be given to Big Society Capital to give out as investment loans to fund long-term secure accommodation for vulnerable people, and provide support for local charities and social enterprises. Approximately £90m will go to projects that help disadvantaged young people into work – using initiatives designed with young people by the Department for Digital, Culture, Media and Sport (DCMS), the Big Lottery Fund and the Department for Education. A further £55m will support financial inclusion initiatives to improve access to financial services and help people tackle debt problems. The leftover £50m will be distributed by the Big Lottery Fund to good causes in Scotland, Wales and Northern Ireland.
A spokesperson for the DCMS said that there will be announcements on how charities and social enterprises could apply for funding soon.