Government releases £150m from dormant assets to support charity coronavirus response

Melanie May | 21 May 2020 | News

The Government is unlocking £150 million from dormant bank and building society accounts to support those impacted by the coronavirus pandemic.
This includes accelerating the release of £71 million of new funds from dormant accounts alongside £79 million already unlocked that will be repurposed to help charities’ coronavirus response and recovery.
The funding will support work to tackle youth unemployment, expand access to emergency loans for civil society organisations and help provide fair, affordable credit to people in vulnerable circumstances.
Of the £150 million:

The Economic Secretary to the Treasury, John Glen, said:

“This funding will provide vital support to some of the most vulnerable in our society. Thank you to the banks and building societies for taking part so we can continue to support so many good causes. I look forward to the potentially millions more we can unlock for good causes through expanding the Dormant Assets Scheme.”

The Government is currently consulting on expanding the dormant assets scheme to include a range of financial assets from the insurance and pensions, investment and wealth management, and securities sectors.
 
 

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