News

Dormant bank accounts to fund youth finance projects

1 min read Youth Work
The government has moved one step closer to distributing cash from dormant bank accounts to charities and youth organsiations, following proposals set out in the Pre-Budget Report.

The report outlines plans to use at least 25 per cent of unclaimed assets cash to establish a £100m fund that will finance organisations to teach young people and adults about financial capability.

This scheme will be administered by the Big Lottery fund.

A further £75m will be put into a new Social Investment Wholesale Bank, which will provide loans to voluntary organisations.

The majority of the rest of the money, thought to be in the region of £175m, will fund new youth facilities across the country.

But organisations may have to wait some time before getting their hands on the cash.

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