Dormant accounts unlocked

The UK government has ‘released’ £150 million from dormant bank and building society accounts to help charities, social enterprises and vulnerable individuals during the coronavirus outbreak.

The Culture Secretary, Oliver Dowden, explained that this involves the release of £71 million of new funds from dormant accounts alongside £79 million already unlocked that will be repurposed to help charities.

The funding will support urgent work to tackle youth unemployment, expand access to emergency loans for civil society organisations, and help improve availability of fair, affordable credit to people in vulnerable circumstances.

Dowden said: “Through our proposals to further expand the dormant assets scheme, we want to unlock hundreds of millions more pounds for good causes, while keeping customer protection at the heart of the programme.”