Dormant Assets Bill [Lords]

Nigel Huddleston Excerpts

2nd reading
Monday 6th December 2021 Commons Chamber

[The Parliamentary Under-Secretary of State for Digital, Culture, Media and Sport (Nigel Huddleston)]

I thank all hon. and right hon. Members for their valuable contributions in the debate today, many giving examples of the huge impact that dormant assets funding has had in their constituencies, and we see that right across the country. I am pleased that the Bill has such obvious support across the House and in the other place. It is clear that we all share the ambition to ensure the scheme’s continued success in unlocking dormant assets for public goods.

I would like to address some of the points raised today. Time will not allow me to give full details, and we will be debating the issues and details of this Bill in its later stages. I am also happy to discuss with colleagues across the House issues raised today ahead of the Committee stage, should there be an appetite to do so.

Members have raised a wide range of issues, in particular regarding future spend considerations. Clause 29, as mentioned by the hon. Member for York Central (Rachael Maskell), enables the Secretary of State to launch a public consultation on the social or environmental purposes of the English portion of the dormant assets funding, as the hon. Member for—[Interruption.]—as the hon. Member for Ochil and South Perthshire (John Nicolson) pointed out. Sorry, this is what happens when Members change constituencies. We do not have the flexibility in England that they have in the devolved Administrations, and that is something we would like to correct, as my hon. Friend the Member for Solihull (Julian Knight) mentioned.

The Government plan to launch a consultation that will last for 12 weeks after the Bill receives Royal Assent and clause 29 is commenced. We anticipate that summer 2020 is the earliest that that will be possible. The consultation will enable the public to have their say on how the impact of the scheme can continue to be felt by the people and communities who need it most. We are committed to ensuring that the process is broad and inclusive.

As the consultation is dependent on the Bill passing with the measure included, it is too early to speculate on the causes that may be included, and I would not want to pre-empt the conclusions of the recommendations. As we have heard this evening, however, many suggestions are being put forward by hon. Members in this place and the other place about vehicles or future causes that could be included, and we are certainly open to hearing them.

We are not opposed to considering, for example, community wealth funds, as articulated by several hon. Members. My hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake) mentioned alternative measures involving mutuals and credit unions. My hon. Friend the Member for Grantham and Stamford (Gareth Davies) mentioned alternative measures too. We will consider them all in the consultation.

As outlined by the Economic Secretary to the Treasury in his opening remarks, the Bill is designed to ensure that we continue to have the core principles in mind, such as additionality, as raised by several hon. Members. It is important that that underpins the success of the scheme, as it has for the last decade. The 2008 Act describes additionality as

“the principle that dormant account money should be used to fund projects, or aspects of projects, for which funds would be unlikely to be made available by…a Government department”

or devolved Administration. I reassure hon. Members that that principle will remain, which will ensure that funding is directed to causes that fulfil the scheme’s objectives while being additional to central or devolved Government funds.

I reassure the hon. Member for Bethnal Green and Bow (Rushanara Ali), my hon. Friend the Member for Devizes (Danny Kruger) and others that that means that the Government do not have direct access to dormant asset funding and cannot influence it. The money must go to the appropriate causes, as defined in legislation, which have a continuing focus on social and environmental purposes, which is pivotal. As I said, several hon. Members have mentioned alternative measures and we look forward to continuing the dialogue with them about where the funding should go, but the core principles will continue to apply.

We will continue the debate in the future stages of the Bill, but I reiterate that its key purpose is to present the opportunity to significantly expand the scheme—we are talking about hundreds of millions of pounds of additional funding—while protecting participating institutions and rightful owners. We want to continue to make sure that, where possible, money goes back to those who own the funds or are rightful owners of the money.

As a result of the Bill, we hope to release hundreds of millions of pounds of additional funds for social and environmental causes across the nation. I look forward to working together to pass this important piece of legislation, so we can proceed with that expansion as soon as possible to ensure that the UK remains a world leader in deploying dormant assets at scale to society’s benefit across the country.

Question put and agreed to.

Bill accordingly read a Second time.

Dormant Assets Bill [Lords] (Programme)

Motion made, and Question put forthwith (Standing Order No. 83A(7)),

That the following provisions shall apply to the Dormant Assets Bill [Lords]:

Committal

1. The Bill shall be committed to a Public Bill Committee.

Proceedings in Public Bill Committee

2. Proceedings in the Public Bill Committee shall (so far as not previously concluded) be brought to a conclusion on Thursday 13 January 2022.

3. The Public Bill Committee shall have leave to sit twice on the first day on which it meets.

Consideration and Third Reading

4. Proceedings on Consideration shall (so far as not previously concluded) be brought to a conclusion one hour before the moment of interruption on the day on which those proceedings are commenced.

5. Proceedings on Third Reading shall (so far as not previously concluded) be brought to a conclusion at the moment of interruption on that day.

6. Standing Order No. 83B (Programming committees) shall not apply to proceedings on Consideration and Third Reading.

Other proceedings

7. Any other proceedings on the Bill may be programmed.—(Steve Double.)

Question agreed to.

Dormant Assets Bill [Lords] (Money)

Queen’s recommendation signified.

Motion made, and Question put forthwith (Standing Order No. 52(1)(a)),

That, for the purposes of any Act resulting from the Dormant Assets Bill [Lords], it is expedient to authorise the payment out of money provided by Parliament of sums required by the Treasury for the purpose of making loans to, or in respect of, an authorised reclaim fund.—(Steve Double.)

Question agreed to.

Business of the House (Today)

Ordered,

That, at this day’s sitting, the Speaker shall put the Questions necessary to bring to a conclusion proceedings on the Motion in the name of Mr Jacob Rees-Mogg relating to the Parliamentary Partnership Assembly not later than one hour after the commencement of proceedings on the motion for this Order; such Questions shall include the Questions on any Amendments selected by the Speaker which may then be moved; proceedings on the motion relating to the Parliamentary Partnership Assembly may be entered upon and continue, though opposed, after the moment of interruption; and Standing Order No. 41A (Deferred divisions) shall not apply.—(Steve Double.)