Commenting on the announcement by DCMS that the Government is unlocking £330 million from dormant accounts to tackle societal challenges, Peter Holbrook Chief Executive of Social Enterprise UK said:
“The release of further capital from dormant assets is good news, and we welcome the acknowledgement of the role that social enterprise has in solving some of our biggest societal problems. It is right and proper that this money should go to help disadvantaged young people into work, and dealing with the spiralling debt – driven by eye watering interest rates and the predatory behaviours of lenders targeting some of our poorest households and communities. We also welcome more money being released into social investment, particularly given the ambition for this to increase the investors’ appetite for risk and subsequently enable greater innovation from across the social sector.
Equally important and yet missing from the announcement are changes in policy to address the causes of the some of these problems. There is a danger that we are spending money on treating the symptoms and not curing the disease. We need to see a change in tack over the roll out of universal credit and benefit sanctioning, real progress on building genuinely affordable housing, tighter regulation of online and high street gambling and lending, stronger employment rights, and better routes into vocational work for young people.”
More information about the announcement can be found here – https://www.gov.uk/government/news/government-unlocking-330-million-from-dormant-accounts-to-build-a-fairer-society