New Clause 1 - Authorised reclaim funds: duty to assess and report

Part of Dormant Assets Bill [Lords] – in the House of Commons at 8:00 pm on 31st January 2022.

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Photo of Danny Kruger Danny Kruger Conservative, Devizes 8:00 pm, 31st January 2022

I congratulate the Government on bringing forward the Bill. I recognise that, as Alex Davies-Jones said, the release of dormant assets started with Labour and has been a cross-party achievement. My thanks, congratulations and appreciation also go to the financial institutions that have made the money available.

I am pleased with the Government’s proposals, including the consultation on the potential introduction of a community wealth fund. My congratulations and appreciation to the Minister for including that as a possibility, and to my hon. Friend Paul Howell and Dame Diana Johnson for their work in bringing that idea forward.

There are other great ideas—we could abolish personal debt by capitalising credit unions with this money or distribute it direct to community foundations in our constituencies—but I think that the community wealth fund is the best idea. I hope that we will see the money going into civil society and social infrastructure and into supporting the great levelling-up agenda to which the Government are committed. This is a tremendous Bill, and I very much support what the Government are doing.