• 00:01
  • 19.08.2019
UK homeless to share dormant account funds
economics
18.08.2019

UK homeless to share dormant account funds

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Hundreds of millions of pounds in dormant British accounts are to be used to help the homeless and boost good causes.

The STG330 million ($A647 million) windfall is to come from bank and building society accounts that have remained untouched for at least 15 years and where the holder cannot be traced by the financial institution involved.

Housing initiatives for homeless and vulnerable people, social enterprises and local charities will receive up to STG135 million ($A265 million) across England, minister for sport and civil society Tracey Crouch said on Thursday.
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Another STG90 million ($A176 million) will be used to help disadvantaged youngsters into jobs, and STG55 million ($A108 million) is to go on "financial inclusion initiatives" such as tackling problem debt.

Up to STG50 million ($A98 million) will also be distributed by the devolved administrations in Scotland, Wales and Northern Ireland.

"By unlocking millions of pounds from dormant accounts for a range of good causes, we can make a real difference to lives and communities across the country," Crouch said.
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"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."

Since the initiative was established in 2008, almost STG1 billion ($A2.0 billion) has been identified, and more than STG360 million ($A706 million) has been distributed to good causes.
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