The Dormant Assets Bill - Clause 1

Asked about how local communities can feel part of this project and gain advantage from dormant bank accounts, suggesting a need for inclusivity in the scheme.

Expressed concern that expanding the amount of money and number of areas could swamp local economies, advocating for broadening the scope towards which the scheme can work to avoid overburdening certain regions.

Inquired about urban regeneration funding through the Charities Act 2011, clarifying if distributions can go to regional mutual banks. Suggested that the Bill should facilitate quicker moves towards funding these regional mutuals.

The amendment aims to expand the reclaim fund to include various types of dormant assets, such as pensions. This is necessary due to the significant challenges faced by charities and mutual aid groups during the pandemic. Labour supports this expansion but urges the Government to set a timeline for its implementation.

Intervened by asking whether the hon. Lady acknowledges that the Government put more than £150 million into the charity sector last year, and if she thinks this was welcome, not enough or too much.

Supports the Bill to widen funding distribution in England as it has cross-party support. Highlights positive impacts of the scheme on communities and charities, providing £60,000 to 'Ordinary Magic' for mental health support in schools. Emphasises the disparity between devolved Administrations and England’s more restrictive funding rules.

Welcomes the Bill's expansion of dormant assets scheme to £880 million. Supports changes in distribution flexibility for England but calls for more detail on costs and impact assessments as requested by Baroness Barker. Suggests broader consultation beyond just the National Lottery Community Fund.

Ms. Ali is concerned about potential power grabs by Ministers to allocate dormant assets funding to their favoured causes, advocating for proper accountability and scrutiny in the allocation process. She highlights the achievements of organisations like Big Society Capital and Youth Futures Foundation, which have distributed funds effectively since 2019. Ms. Ali warns against political favouritism in funding decisions and emphasises the importance of cross-party consensus on supporting community organisations and charities.

The Bill will unlock funding to support the UK social investment sector. Emphasises the need for Big Society Capital to have more freedom in investing across different types of businesses, highlighting its financial track record over eight years with six losses.

Pays tribute to the success of mobilising £8 billion in private money for social investment. Supports initiatives like small regional banks lending to family businesses and community foundations as objects for significant capital injections.

Welcomes the legislation but suggests retaining some focus on geographical and deprivation-linked spending to support levelling up. Supports a community wealth fund for deprived neighbourhoods.

Supports the creation of a community wealth fund focused on the 225 most deprived or left-behind neighbourhoods, aiming to repair social fabric and build sustainable prosperity in these areas. Advocates for a relational approach over a transactional one.

The speaker thanked MPs for their contributions, highlighting the support across the House for ensuring the continued success of the dormant assets funding scheme. He addressed points raised during the debate, emphasising that clause 29 enables a public consultation on the social or environmental purposes of the funds. The Government plans to launch a 12-week consultation post-Royal Assent, aiming to ensure broad inclusivity in discussions about future causes that could benefit from the funding.