The Treasury and the Minister for the Third Sector, Ed Miliband, have jointly launched a second consultation document on the development of a UK unclaimed assets scheme. It sets out proposals for the distribution of assets and follows the initial consultation on the scheme which was published on 20 March 2007.
The document proposes using The Big Lottery Fund (BIG) as the main UK-wide unclaimed assets distribution body. In England, it suggests the money should be spent primarily on youth services as well as development of the social investment market to help contribute to the long-term sustainability of the third sector.
Youth services that could benefit from this include sport facilities, youth clubs, places to participate in activities such as dance and drama, and mobile youth centres.
Ed Balls, Economic Secretary to the Treasury said: "The Government sees youth services as a priority. Young peoples' lives can be greatly enhanced with good quality places for them to go to, together with support and activities.
"The Big Lottery Fund has the expertise, know-how and experience to distribute unclaimed assets funds across the UK and we hope the devolved administrations will decide to share our funding priorities of youth services, financial capability and inclusion, and social investment."
The devolved administrations of Scotland, Wales and Northern Ireland will determine their own priorities for distribution.
Sir Ronald Cohen, Chairman of the Commission on Unclaimed Assets, added: "We are delighted that the Treasury has emphasised the need for increased social investment in the UK and for a specialist body, financed through a portion of the unclaimed assets, to deliver more sustainable funding to the third sector. Our proposed Social Investment Bank would provide such a response to addressing these needs."
