Justin Welcomes New Funding For Good Causes From Dormant Bank Accounts

North Swindon MP, Justin Tomlinson, has welcomed the news that the Government is unlocking £330m to support homeless people, disadvantaged young people, local charities and other good causes in the UK.

The money has been made available through The Dormant Bank and Building Society Accounts Act, which authorises assets from accounts which have been inactive for 15 years to be distributed by The Big Lottery Fund and Big Society Capital.

Around £280 million will be allocated to initiatives across England to help disadvantaged young people into work, provide housing for families and vulnerable people, and tackle problem debt.

Up to £135 million will be used by Big Society Capital to fund stable and long-term accommodation for vulnerable groups such as homeless people and those suffering with mental health issues, as well as supporting local charities and enterprises - this allocation meets existing funding commitments to Big Society Capital.

Around £90 million will also be invested in support of projects that help disadvantaged young people into employment. These initiatives will be jointly designed by the Department for Digital, Culture, Media and Sport, the Department for Education and Big Lottery Fund, with input from young people.

The remaining £55 million is set to be awarded to financial inclusion and capability initiatives which will tackle issues such as problem debt, as well as improving access to financial products and services for those on lower incomes.

Out of the £330 million, up to £50 million will be made available for good causes in Scotland, Wales and Northern Ireland and will be distributed by the Big Lottery Fund. Each devolved administration will then decide how these funds are used.

Justin Tomlinson MP said: “I am delighted that this money has been unlocked by the Government. It will go towards some important and well-deserving organisations and causes, and help a good many people.”