Dormant Assets Bill [Lords]

Kieran Mullan Excerpts

2nd reading
Monday 6th December 2021 Commons Chamber

[Dr Kieran Mullan (Crewe and Nantwich) (Con)]

I broadly welcome this legislation, as it expands a positive initiative. I understand the scheme is voluntary, and I would be interested to hear the Minister’s thinking on whether we could move towards a mandatory system for our larger institutions.

The focus of my remarks is on the use of the funds. As has been stated, today, the money can only be used for youth, financial inclusion or social investment in England. It has been helpful to have those priorities set out in legislation. It gives certainty to funders and guaranteed income streams, so I am wary of the decision to strip it all the way back to consultation. I thank Ministers for the time they have taken to explain to me that the additionality principle is still in place and that the money must still be spent on social and environmental causes. That has given me some reassurance, but I wonder whether there is a halfway house we can reach, where we retain the new flexibility that the Minister would like to have for the Government, while perhaps having a focus on things such as geographical and deprivation-linked spending, so that we can tackle some of the challenges around levelling up at the same time.

I often find that the most deprived areas are the least able to put themselves forward to apply for funding. If there was some kind of linkage to that, it would be welcome. That is why I support some of the suggestions on a community wealth fund for the 225 most deprived or left-behind neighbourhoods in the country, one of which is Crewe St Barnabas in my constituency. I have seen at first-hand the deprivation challenges that that creates. Backing the community wealth fund, even if not through legislation, but in the consultation process later on, would send a powerful message to those wards and those parts of the country that the Government are serious about levelling up. I thank the Minister for his remarks.