£76m to help with living costs and energy-saving from forgotten accounts
News

£76m to help with living costs and energy-saving from forgotten accounts

The UK Government has announced that £76 million from forgotten accounts across England will be redirected to support initiatives that will help people get out of debt and improve energy efficiency.

The Dormant Assets Scheme releases funds from forgotten bank and building society accounts when it is not possible to reunite the owners with their lost funds.

One of the initiatives that will benefit from this money is a £45 million grant distributed by Fair4All Finance, which will provide no-interest loans to 69,000 people struggling with finances. Hundreds of charities and social enterprises will also receive support from a pot of £31 million, which will be distributed by social investors Access and Big Society Capital.

This money will be used to retrofit buildings with more efficient energy systems, such as new boilers or heat pumps, solar panels, and new lighting.

The Government plans to expand the Dormant Assets Scheme to include further assets from the insurance and pensions, investment and wealth management, and the securities sectors.

This will make an estimated £738 million more available over time. Since 2011, the scheme has already released £892 million.

The Government has also announced that community wealth funds in England will become additional beneficiaries of the Dormant Assets Scheme. These funds are a pot of money distributed to communities in deprived areas, and local residents will have a say in how to use the money.

According to Culture Secretary Lucy Frazer, this initiative will help vulnerable members of society deal with the cost of living, alleviate debt, and provide money-saving solutions for charitable organizations. David Knott, the CEO of the National Lottery Community Fund, welcomed the Government’s plans to include community wealth funds alongside existing causes.

It is important to note that dormant assets remain the property of their owners, and the scheme must match what the business would have paid the owner had their assets never been transferred into the scheme. This means that owners can reclaim any money owed to them at any time.


»£76m to help with living costs and energy-saving from forgotten accounts«

↯↯↯Read More On The Topic On TDPel Media ↯↯↯


Related posts:

  1. £76m from dormant accounts allocated to support living expenses and energy-efficient initiativesThe UK Government has announced that £76 million from forgotten accounts across England will be redirected to support initiatives that will help people get out...
  2. To keep the heating and lights on for their dog in the winter, dog owners may be spending close to £300 annually. In his studies, energy efficiency expert Dr. David Glew has observed numerous instances of people leaving the central heating on in their vacant homes to keep their pets warm. He cautions that having the heating on for a dog might increase the annual gas bill in a big family house by £240. Dr. Glew estimates that leaving the lights on for a pet in a few rooms for six hours a day may cost £50 a year with contemporary spotlights or £12 a year with LED lightbulbs. While leaving a fan on would only cost £5, leaving the air conditioning on throughout the entire house may cost hundreds more per year. The majority of healthy pets have enough fur to keep them warm, according to veterinarians, so turning on the heat or air conditioning is typically unnecessary. This month at the Cheltenham Science Festival, Dr. Glew, director of energy efficiency and policy at Leeds Beckett University, brought up the subject in a discussion. There is no need to leave the heater on for pets, he said, but if owners feel they must, they might think about solely heating the room the dog enjoys or lowering the thermostat or radiator dial. According to Energy Saving Trust research from 2015, 43% of pet owners leave the heat on for their animals.To keep the heating and lights on for their dog in the winter, dog owners may be spending close to £300 annually. In his studies,...
  3. The Role of African Energy in Driving Global Energy Security by the Kosmos Energy CEO at African Energy Week 2022Andy Inglis, CEO of multinational exploration and production business Kosmos Energy, will attend and participate in African Energy Week (AEW) (AECWeek.com), Africa’s flagship event for...
  4. Millions of people are experiencing the worst cost of living crisis in a generation as a result of rapidly rising food and energy costsAccording to UNCTAD, the UN Agency for Trade and Development, millions of people are experiencing the worst cost of living crisis in a generation as...
  5. Vaccines tsar will head a new energy commission in an effort to reduce costs amid the crisis in living expenses.The former tsar for vaccinations will be in charge of a new energy taskforce that will make direct purchases of supplies in an effort to...
  6. New Zealand to Spend $76m to Prevent and Minimize Gambling HabitsThe Labour government has announced a significant investment to prevent and minimize harm caused by gambling. “Gambling harm is a serious public health issue and...
  7. Energy boss says £200 payment to help offset soaring household costs will not protect familiesThe boss of a major energy firm has said the Government’s £200 payment to help offset soaring bills is ‘not going to be anywhere near...
  8. Millions to receive £350 boost to help with rising energy costsMillions of households will receive up to £350 to help with the cost of living following a rise in the energy price cap. All domestic...
  9. Croatian aid meant to show victims of Nigeria church attack that ‘you are not forgotten’Croatian parliament member Marijana Petir initiated the proposal to send about $30,000 in government aid to victims of the Nigerian Pentecost Sunday Mass attack on...
  10. Forgotten Treasures: War Hero’s Chinese Artifacts Sell for Nearly £1 Million…By Judah Olanisebee for TDPel Media. In a remarkable discovery, the family of Major Edward Coplestone Radcliffe, a war veteran turned antiques dealer, has sold...