Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Digital, Culture, Media and Sport, if he will provide a breakdown on how the £55 million raised from dormant assets has been allocated.

Last year, the Government committed £55 million from dormant assets to tackle financial exclusion and problem debt. In the Civil Society Strategy, the government announced that this funding would be directed to a new, independent organisation, with a remit to address this social issue. The Founding Chair of this new organisation is being appointed by a nomination panel independent of government, and their decision will be announced in due course.