'Big society' benefits from forgotten bank accounts

Wednesday, 28 December 2011 10:25 AM

By politics.co.uk staff

Money taken from inactive bank accounts is being used by the government to pay for 'big society' projects.

The Cabinet Office has announced that £3.1 million of funds taken from dormant accounts is being used to invest in four community projects.

Half the money will be used to pay for two projects helping the long-term unemployed get into business or education.

The remaining funding will be split between social enterprises offering affordable renewable energy and the Social Stock Exchange - the first stock exchange for social enterprises.

"These investments will bring real changes to people's lives. They will help young people into jobs and give the long-term unemployed the opportunity to set up their own businesses," civil society minister Nick Hurd said.

The government had pledged to set up a 'big society' bank to provide funding for projects advancing David Cameron's vision. That is now being set up in the form of Big Society Capital.

Its investment committee will consider more proposals in February.

Mr Hurd added: "The Big Society Investment Fund, under the auspices of the Big Lottery Fund, is doing a fantastic job forging the way. Already, their investment decisions show the range of exciting projects that just need financial backing to get going."

Ministers have sought to take advantage of money held in dormant bank accounts for several years. They are thought to together hold £850 million in forgotten cash.

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