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U.K. raids £150 million from forgotten bank accounts to help charities battling the coronavirus crisis

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The British government will unlock £150 million in cash from bank accounts that have been overlooked by their owners and repurpose it to support social enterprises and charities working through the coronavirus crisis.

Speaking at the daily Downing Street conference on Wednesday, the culture secretary, Oliver Dowden, said he would accelerate the release of £71 million of new funds from dormant bank accounts alongside £79 million already freed up to help charities in dealing with the pandemic.

Dormant accounts are defined as those untouched for 15 years. Since the launch of the dormant-assets scheme in 2011, 30 banking institutions have voluntarily transferred…



Source marketwatch.com

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