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

To ask the Secretary of State for Digital, Culture, Media and Sport, what assessment he made of the potential merits of establishing a community wealth fund from the Dormant Assets scheme.

The Dormant Assets Scheme currently dedicates the English portion of funding to youth, financial inclusion, and social investment initiatives. The Dormant Assets Bill, introduced to the House of Lords on 12 May, seeks to expand the Scheme to a wider range of assets and enables these causes to be reviewed. Provided the Bill passes, the government has committed to launching a consultation to give the public and industry stakeholders a say in how funds are spent in England. No decisions will be made on whether the causes in England should change until the responses to this consultation have been duly considered.