The Dormant Bank and Building Society Act 2008 was given royal assent last week.
The law has been brought in to put money from dormant bank accounts to good use, with a guarantee in England that money will be used for young people's projects.
Ministers are specifically hoping to use the money to continue the government's programme of youth centre improvements, already underway through £201.7m worth of funding under the Myplace scheme.
A Department for Children, Schools and Families spokesperson confirmed that money from dormant accounts would start being channelled into youth projects from early 2010.
Jeremy Glover, chief executive of Bolton Lad's and Girls Club, said he hoped that the transition between Myplace and dormant bank account funding streams would be seamless.
"What I do not want to see is a hiatus, where the momentum that Myplace has created stalls and youth projects have to wait for a long time to get access to the funds," he said.
The governments of Scotland, Wales and Northern Ireland are yet to decide how the money will be spent in their areas.
Register Now to Continue Reading
Thank you for visiting Children & Young People Now and making use of our archive of more than 60,000 expert features, topics hubs, case studies and policy updates. Why not register today and enjoy the following great benefits:
What's Included
-
Free access to 4 subscriber-only articles per month
-
Email newsletter providing advice and guidance across the sector
Already have an account? Sign in here
