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

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