Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what comparative estimate he has made of how much money was in dormant assets on (a) 1 January 2020 and (b) 17 November 2020; and what the budgetary headings are for how those funds have been spent.

The Government does not currently have estimates for the increase in dormant assets money over the period set out in this question. We have been working with industry stakeholders to estimate the value of dormant assets in the insurance and pensions, investment and wealth management, and securities sectors, and will be publishing our findings in due course.

The distribution of dormant accounts money is governed by the Dormant Bank and Building Society Accounts Act 2008. The Act dictates that all dormant accounts money must be used to fund initiatives that have a social or environmental purpose, with a specific focus on youth, financial inclusion and social investment in England. Since 2011, over £745m has been released for such initiatives across the UK through The National Lottery Community Fund.