First ever Dormant Assets Scheme Strategy unlocks £440 million funding
Local charities and community groups will be among the first beneficiaries of the UK Government’s first-ever Dormant Assets Scheme Strategy worth £440 million.
Ministers welcomed financial institutions including JP Morgan and AON were welcomed to No11, as the chancellor and culture secretary encouraged them to participate in the scheme and support local communities.
Funding for local charities and community groups are part of the extra funding, so they can run projects like foodbanks, youth clubs and community events.
This support will help bring people together, tackle loneliness and make neighbourhoods safer and friendlier for everyone.
A further £132.5m will benefit those in financially vulnerable circumstances, providing them with the affordable credit and support they need to manage their money well. This will mean that people facing money worries will have a safety net for when things go wrong – from a broken fridge to an unexpected car repair – instead of leaving them at the mercy of loan sharks.
The same amount will also be given to young people in disadvantaged neighbourhoods new chances to take part in music, sport and drama to build skills for the future, improve their employment opportunities and ensure access is no longer the preserve of a privileged few.
Secretary of State for Culture, Media and Sport, Lisa Nandy, said: “From supporting young people and enhancing financial inclusion to driving social investment, this transformational funding will reach some of the most disadvantaged areas across the country and have a real impact on people’s lives as we deliver our Plan for Change.
The Dormant Assets Scheme has successfully released £1 billion to date to support thousands of frontline organisations and individuals in some of the most disadvantaged communities across the country.
Funding has been channelled into a range of initiatives including tackling youth homelessness, supporting charities with the cost of living and breaking down barriers to financial inclusion to help vulnerable groups.
A total of £87.5m has been allocated for social investment to strengthen the financial resilience of the voluntary sector, including £12.5m reaching organisations that support youth outcomes.
Ruth Marvel OBE, CEO of The Duke of Edinburgh’s Award, said: “We welcome the announcement of the Government’s Dormant Assets Scheme Strategy and the news that £132.5m will be invested to increase the support and opportunities available to young people. The Duke of Edinburgh’s Award and our partners in the Back Youth Alliance have long called for dormant assets to be leveraged to increase support for young people, particularly following over a decade of disinvestment in youth work.
“This funding means that more young people from disadvantaged backgrounds will be able to access youth work and enrichment activities that are proven to boost their wellbeing, skills, and employment prospects.
"This is key to the government achieving their safer streets aims and their breaking down barriers to opportunities mission. We look forward to working with the government and the National Community Lottery Fund to ensure that this investment has maximum impact for young people and supports the many youth work charities and volunteers who are on the front line of supporting young people to thrive.”
