Published 16 July 2022
Last updated 7 March 2023 — See all updates
Government response to the
consultation on the English portion of dormant assets
funding
Detail of outcome
This is the government’s 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 Summary
A consultation to determine the broad social and/or environmental
purposes for dormant assets funding in England.
This consultation ran from
16 July 2022 to 11:45pm on 9 October 2022
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.
