WE DID IT! COMMUNITY WEALTH FUND
I am absolutely thrilled that the government has today announced the creation of new community wealth funds through the expanded dormant assets scheme. This vital new investment will give local residents in some of the most deprived areas of the country the power to improve where they live and invest in what’s important to them.
The announcement follows a sustained cross-party campaign by parliamentarians, many of whom are members of the All-Party Parliamentary Group for ‘left behind’ neighbourhoods of which I am co-chair.
The dormant assets scheme enables financial organisations to voluntarily channel funds from dormant accounts to good causes, while ensuring owners’ rights are protected. To date, nearly £700m has been released in England for social or environmental purposes.
For levelling up to be a success, we need to support community efforts and locally led solutions and approaches that tackle the wide range of causes of inequality. Cost of living challenges mean the need for community wealth funds to do this has never been more timely and important.
They will have a transformative effect for those communities in my Sedgefield constituency that haven’t had access to the funding and resources compared to other neighbouring areas, and which as a result have missed out, and I look forward to making it a reality.
By working together we have made this a reality!