£330m in dormant bank accounts to be spent on good causes
1 min read
Homeless people will be among the main beneficiaries of government plans to spend £330m of cash currently lying dormant in bank accounts.
Over the next four years the Government will give £135m of the money to initiatives designed to help house homeless and vulnerable people, Civil Society Minister Tracey Crouch has said.
Under the programme, accounts are deemed to be dormant if they have not been touched for 15 years.
Another £90m will go on schemes to help young people into work, and £55m on promoting "financial inclusion" by dealing with issues such as problem debt.
Meanwhile, £50m will be spent by the devolved administrations in Scotland, Wales and Northern Ireland.
The scheme to redistribute money from dormant accounts was begun under Gordon Brown, and has handed out some £360m since 2008.
Ms Crouch said the plans for the funds languishing in untouched accounts would make a "real difference".
"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," she added.
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