The money would come from unclaimed assets in dormant bank accounts, and would be managed by the Big Lottery Fund.
Gordon Brown, the Chancellor, announced that the Government intends to use unclaimed assets to fund youth facilities in the 2005 pre-Budget report (YPN, 7-13 December 2005, p3).
The Treasury has been working with the banking sector to find out how much money is likely to be available, and develop a structure to allow it to be used for charitable purposes.
According to the documents, about 400m is available. The proposal is to set up two funds: 200m for youth facilities, and 50m for financial inclusion programmes. The remainder would go into a social investment bank charged with supporting good causes.
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