Following today’s announcement the government will seek to name youth, financial inclusion, social investment wholesalers, and community wealth funds as the purposes of the English portion of dormant assets funding in secondary legislation. The government will also continue to consider the impacts of this work on individuals with protected characteristics. The department responsible for Dormant Assets, DCMS is also undertaking an internal review of the governance of the Scheme to ensure, following its expansion, that it is appropriate, transparent, and robust. Finally, a statement of intent will be published this year to announce the proportions of funding this government intends to allocate to the four causes.
Whilst the government has already defined community wealth funds as “funds which give long-term financial support (whether directly or indirectly) for the provision of local amenities or social infrastructure” there will be a further consultation on the design of this new initiative. Plunkett Foundation intends to contribute to these consultations and will seek the views of our membership to form any representations shared.
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