Department For Culture Media Sport
Detail of outcome
This is the governments response to the consultation on the broad social and environmental purposes of the English portion of dormant assets, which ran from 16 July to 9 October 2022.
The government response summarises views from over 3,300 consultation responses from the general public, civil society organisations and the financial services industry, whose voluntary participation drives the success of the Dormant Assets Scheme. After considering all responses, the government intends to name youth, financial inclusion and education, social investment wholesalers, and community wealth funds as the purposes of the English portion of dormant assets funding. The government response sets out next steps to achieve this, including launching a technical consultation on the design of a community wealth fund and naming the four causes in secondary legislation.
Original consultation
Consultation description
The government has launched a consultation to gather views on the broad social or environmental purposes of the English portion of dormant assets funding.
The public consultation follows the passage of the Dormant Assets Act 2022 earlier this year, which expanded the Dormant Assets Scheme into a wider range of sectors. The expansion potentially unlocks around 880 million for good causes across the UK, 738 million of which will be made available for England over time.
In the context of recovery from the COVID-19 pandemic and pressures on the cost of living, the government is inviting input on how the Scheme can deliver the greatest impact in England over the coming years. The consultation will inform what broad social and/or environmental causes should be prescribed in future secondary legislation. It invites specific views on four causes youth, financial inclusion, social investment, and community wealth funds and welcomes suggestions for any other social or environmental causes that the government should consider. We are particularly interested in hearing from local communities, current and potential participants, civil society organisations, and any interested individuals.
Please respond to the consultation by completing the below online survey:
Please respond before 23:45 on Sunday 9 October 2022.
Alternatively, you can respond by completing the response sheet and emailing it to dormantassetsconsultation@almaeconomics.com.