Brexit & EconomyPolitics£500m dormant in bank accounts

£500m dormant in bank accounts

MPs want compulsory scheme for banks

A report by MPs from the
Treasury
Committee
has said that between £400m and £500m is held in dormant bank and
building society accounts in Britain.

MPs recommended that the government make it compulsory for banks to
participate in a scheme to use the unclaimed assets to fund social causes.

The government has proposed setting up a scheme to use the unclaimed assets
to fund social investment. A key beneficiary would be youth services such as
sports facilities, youth clubs and dance and drama venues.

Further reading:

Treasury denies ‘plans’ to raid dormant bank accounts

PBR05: Dormant accounts to fund youth programme

Related Articles

Financial Secretary to the Treasury on cryptocurrency, Brexit and taxing the digital economy

Brexit Financial Secretary to the Treasury on cryptocurrency, Brexit and taxing the digital economy

1m Alia Shoaib, Reporter
HMRC’s refusal to raid top Tory donor Lycamobile to be investigated by MPs

Big Four HMRC’s refusal to raid top Tory donor Lycamobile to be investigated by MPs

1m Alia Shoaib, Reporter
Spring Statement 2018: Spring has sprung as chancellor finds his inner Tigger

Budget Spring Statement 2018: Spring has sprung as chancellor finds his inner Tigger

2m Emma Smith, Managing Editor
Spring Statement live feed

Budget Spring Statement live feed

2m Emma Smith, Managing Editor
Spring Statement 2018: 5 things to look out for

Brexit & Economy Spring Statement 2018: 5 things to look out for

3m Alia Shoaib, Reporter
Financial Secretary to the Treasury on Brexit, Spring Statement, Making Tax Digital and Carillion

Politics Financial Secretary to the Treasury on Brexit, Spring Statement, Making Tax Digital and Carillion

4m Emma Smith, Managing Editor
David Davis, Secretary of State for Exiting the European Union

Brexit & Economy David Davis, Secretary of State for Exiting the European Union

4m Alia Shoaib, Reporter
Philip Hammond, Chancellor of the Exchequer

Brexit & Economy Philip Hammond, Chancellor of the Exchequer

4m Alia Shoaib, Reporter