Third Sector: Finance

Department for Digital, Culture, Media and Sport written question – answered on 5th June 2019.

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Photo of David Morris David Morris Conservative, Morecambe and Lunesdale

To ask the Secretary of State for Digital, Culture, Media and Sport, how the Government plans to allocate the £2 billion of dormant assets identified by the Dormant Assets Commission in March 2019 throughout the charity and voluntary sector; and if the Government will allocate those assets to the establishment of a community wealth fund.

Photo of Mims Davies Mims Davies Assistant Whip (HM Treasury), The Parliamentary Under-Secretary of State for Digital, Culture, Media and Sport

Following the independent Dormant Assets Commission’s report and findings, an industry blueprint for expanding the scheme was published in April 2019, setting out a long-term plan for how additional dormant assets could be included.

We are working proactively with industry partners to enable this expansion that could see hundreds of millions of additional funds being released to good causes. Under the current legislation, this money can only be used to fund initiatives relating to youth, financial inclusion or via a social investment wholesaler. We are proud of our impact to date in these areas, which has created more than 26,000 jobs and training opportunities and helped more than 2,000 vulnerable individuals into suitable housing.

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