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

To ask the Secretary of State for Digital, Culture, Media and Sport, what assessment his Department has made of the potential merits of using dormant assets set to be unlocked from the savings and investment sector to fund the delivery of financial education at a primary level to build future financial resilience.

The distribution of dormant assets is a devolved matter, and in England, dormant assets spend is currently restricted by legislation to three areas, including financial inclusion. To date, in England, we have invested £96 million of dormant assets in financial inclusion, delivered by an independent organisation (Fair4All Finance) who have focused on building financial resilience through better access to affordable credit.

The purpose of the Dormant Assets Bill, which has recently been introduced to parliament, is to expand the Scheme and amends the approach to restrictions in England to mirror the model used for the devolved administrations. This will allow the government to consult on, and respond more flexibly to, changing social and environmental needs in England over time.

Subject to this measure passing, the Government is committed to launching a public consultation to give people a say in how future funds are spent in England.

The funding unlocked through Scheme expansion will consist of all eligible dormant assets in scope of the Scheme and will not be differentiated by sector or asset class.