UK GOVERNMENT: Dormat Assets Release Update
7th March 2023
Millions released from dormant accounts to support vulnerable people with cost of living
£76 million tied up in forgotten accounts to be used to support people to get out of debt and assist social enterprises with innovative energy saving solutions.
Dormant Assets Scheme redirects money from forgotten accounts to good causes
£76 million will go to those struggling with the cost of living, including through no-interest loans
In England, Scheme is being expanded to include community wealth funds, pots of money that will allow local residents to improve their communities
The most vulnerable people in society will be given additional support to deal with the cost of living, as £76 million tied up in forgotten accounts is unlocked. The cash will support people to get out of debt and assist social enterprises with innovative energy saving solutions.
Beneficiaries include no-interest loans for 69,000 individuals struggling with finances via a £45 million grant distributed by Fair4All Finance, and hundreds of charities and social enterprises which will receive support from a pot of £31 million, distributed by social investors Access and Big Society Capital. This will be used to retrofit premises with cleaner, greener, and more efficient energy systems, such as new boilers or heat pumps, solar panels, and new lighting.
Read the full UK Government release here.
Peter Holbrook, CEO of Social Enterprise UK responds to the announcement,
“This is an important and positive development. Dormant Assets offer huge potential support for social enterprises and the communities they serve. We are pleased to see that the Adebowale Commission has influenced improvements for social investment. We look forward to supporting how the Community Wealth Fund is shaped, as we know the vital work that social enterprises do at a hyper-local level and the importance of place-based infrastructure. These are extremely challenging economic circumstances. We hope the Spring Budget next week will provide further hope and support to drive social enterprise solutions.”
Read full SEUK statement here.