Govt to distribute £330m from dormant accounts

The government is set to distribute £330 million in dormant assets to tackle societal challenges.

The government, along with the Big Lottery Fund and Big Capital Society will release the funds to help house vulnerable people, help disadvantaged young people into work and help deal with problem debt.

By 2020, the total distribution from dormant accounts to good causes is set to reach over half a billion pounds.

The funding for social investment in England will also include £10 million for Access – the Foundation for Social Investment, BSC’s sister organisation.

In a joint statement, Big Capital Society chief executive Cliff Prior and Access chief executive Seb Elsworth said: “This capital will enable many more charities and social enterprises to improve the lives of people all around the UK, delivering larger and more innovative solutions in the focus areas of homes for people in need, and supporting communities experiencing disadvantage.

“The government will work closely with the Big Lottery Fund, as well as a range of social sector and private sector partners, to develop these initiatives over the next few months.

“To help support the most vulnerable in society, the government is already providing over £1 billion up to 2020 to reduce all forms of homelessness and rough sleeping. The Homelessness Reduction Act, the most ambitious reform in decades, is also being brought in to ensure people get the right support sooner.”