The government has unlocked £330m from dormant bank accounts, money which will be donated to good causes.
Tracey Crouch, minister for sport and civil society, announced today that the money extracted from bank accounts which have been untouched for at least 15 years will go towards housing vulnerable and helping disadvantaged young people.
Around £280m will be given to young people in England seeking work, and people who are struggling with debt problems.
Crouch said:“This is part of the government’s commitment to building a fairer society and tackling the social injustices that hold people back from achieving their full potential.”
Since the dormant accounts scheme was set up in 2008, nearly £1bn has been claimed from unused bank accounts.
Reclaim Fund Ltd, which was set up by the Co-operative Banking Group, administers the scheme.
Adrian Smith, chief executive of Reclaim Fund Ltd, said: “We will continue to work hard in ensuring that consumers can at any time reclaim money owed from their dormant accounts while working with the government to deliver further funds for good causes.”