Big Lottery Fund and Big Society Capital will distribute cash to initiatives tackling a number of societal challenges
Up to £33 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, Tracey Crouch, Minister for Sport and Civil Society, announced today.
Around £280 million will be allocated to initiatives across 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. This allocation meets existing funding commitments to Big Society Capital, who will use it to leverage substantial private co-investment, to maximise the impact of these funds.
Around £90 million will also be invested in support of projects that help disadvantaged young people into employment. These initiatives will be jointly designed by the Department for Digital, Culture, Media and Sport, the Department for Education and Big Lottery Fund with input from young people.
The remaining £55 million is set to be awarded to financial inclusion initiatives which will tackle issues such as problem debt, as well as improving access to financial products and services for those on lower incomes.
Out of the £330 million, up to £50 million will be made available for good causes in Scotland, Wales and Northern Ireland and will be distributed by the Big Lottery Fund. Each devolved administration will then decide how these funds are used.