Up to £330 million from dormant bank and building society accounts will be used to help the homeless, disadvantaged young people, local charities and other good causes in the UK over the next four years.
£280 million will be allocated to initiatives in England to help disadvantaged young people into work, provide housing for families and vulnerable people, and tackle problem debt. Of this, up to £135 million will be used by Big Society Capital (BSC) to fund stable and long-term accommodation for vulnerable groups such as homeless people and those suffering with mental health issues, as well as to provide support for local charities and social enterprises.
Around £90 million will also be invested in support of projects that help disadvantaged young people into employment. The remaining £55 million is set to be awarded to financial inclusion and capability initiatives which will tackle issues such as problem debt, as well as improving access to financial products and services for those on lower incomes.
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