Government Unlocks £150 Million from Dormant Accounts for Coronavirus Response (UK)

The UK Government has announced £150 million of funding is to be made available from dormant bank and building society accounts to help charities, social enterprises and vulnerable individuals impacted by the coronavirus pandemic. The release of £71 million from the government’s dormant assets scheme will be accelerated alongside £79 million already recouped that will be made available to help charities’ coronavirus response and recovery. The funding will support urgent work to tackle youth unemployment, expand access to emergency loans for civil society organisations and help improve the availability of fair, affordable credit to people in vulnerable circumstances. The Government is also looking into expanding the dormant assets scheme to include a range of financial assets from the insurance and pensions, investment and wealth management, and securities sectors. Click here