Priorities for unclaimed assets funding

The government has published its consultation document on distributing funds from unclaimed financial assets. It proposes that youth services would be a priority, suggesting that over 700 new places for young people could be built in England. A proportion of the available assets would also be used, "resources permitting", to develop the social investment market and deliver more sustainable funding to social enterprises, charities and community groups.

The Big Lottery Fund  will be used to do the distribution UK-wide with a specialist body to distribute the funds for social investment allocated via BLF. The devolved administrations of Scotland, Wales and Northern Ireland will determine their own priorities - contact details are given in section 7 of the consultation document. Press release at http://www.hm-treasury.gov.uk/newsroom_and_speeches/press/2007/press_57_07.cfm, or consultation document here. Responses by 9th August.

Sector umbrella body NCVO is concerned that the government "appears to be trying to direct the outcome of this consultation by specifying at such an early stage its preferred priorities". http://www.ncvo-vol.org.uk/press/releases/?id=5072. And members of the Commission on Unclaimed Assets (http://www.unclaimedassets.org.uk) told Third Sector magazine that Gordon Brown had privately endorsed a social investment bank and they hoped that this would go ahead.

Geraldine Peacock, former chair of the Charity Commission and a member of the CUA said "Our resolve is to make the bank happen one way or another." See http://www.thirdsector.co.uk/News/658942/ (registration required).