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Government unlocks £330 million from dormant accounts for good causes

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Area:
UK-wide
Release date:
5 1 2018
  • Big Lottery Fund and Big Society Capital will distribute cash to initiatives tackling a number of societal challenges
  • By 2020 the total distribution from dormant accounts to good causes will reach over half a billion pounds

The Big Lottery Fund will be involved in the distribution of millions of pounds of money released from dormant bank and building society accounts, the Department for Digital, Culture, Media and Sport (DCMS) has announced this week.

Up to £330 million from dormant accounts will be used to help the homeless, disadvantaged young people, local charities and other good causes over the next four years.

Of this, about £280 million will go to initiatives across England to build a fairer society by helping disadvantaged young people into work, providing housing for families and vulnerable people and supporting financial inclusion.

Around £90 million will be invested in support of projects that help disadvantaged young people into employment. With input from young people, The Big Lottery Fund will jointly design these initiatives with the Department for Digital, Culture, Media and Sport and the Department for Education. The Fund will also distribute £55 million to financial inclusion initiatives.

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.

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 to provide support for local charities and social enterprises.

Tracey Crouch, Minister for Sport and Civil Society, said:

“This money will tackle injustices that hold people back from achieving their true potential and help create a country that works for everyone to guarantee a better future for the next generation.

“I am incredibly grateful to the banks for their participation in the scheme and the work that has been carried out by the Reclaim Fund to free up these funds for good causes.”

Dawn Austwick, Chief Executive of Big Lottery Fund, said:

“The Dormant Bank and Building Society Accounts Act has made over half a billion pounds available for good causes in the UK. The Big Lottery Fund is proud to be the organisation which distributes these funds and we look forward to working with Government and others to do this.

“This funding will give people the opportunity to take the lead in making lasting and sustainable change in their lives and communities.”

Read the full announcement from DCMS

The Big Lottery Fund will now work closely with Government, as well as a range of social sector and private sector partners, to develop these initiatives over the next few months. Further information on this funding will be made available via our website and other communications channels in due course.

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