Following a sustained campaign, led in Parliament by the co-chairs of the All-Party Parliamentary Group for ‘Left Behind’ Neighbourhoods, an amendment to the Dormant Assets Bill, introduced by Nigel Huddleston MP, Parliamentary Under-Secretary at the Department for Digital, Culture, Media and Sport, states that “community wealth funds” will be included as an option for how future dormant assets might be spent.
The Bill, which has its report stage in Parliament today, provides for the expansion of the current dormant assets scheme to help decide the use of £880m of new funding from unclaimed stocks, bonds, shares, and pensions.
If introduced, a Community Wealth Fund would provide long-term investment to support and rebuild the social infrastructure of the country’s most ‘left behind’ neighbourhoods, with local communities making decisions about how the money is best spent.
Originally proposed by the Community Wealth Fund Alliance, a campaign group bringing together over 470 organisations from across civil society and local government, the idea has received strong cross-party support from members of the influential cross-party APPG for ‘Left Behind’ Neighbourhoods.
Paul Howell MP, co-chair of the All-Party Parliamentary Group for ‘Left Behind’ Neighbourhoods said:
“This amendment shows the government is listening and is serious about its ambitions to level up ‘left behind’ neighbourhoods for the long-term, with a particular focus on improving the social infrastructure of those communities.”
“A Community Wealth Fund would have a transformative effect for places like those in my constituency of Sedgefield that have, for too long, missed out, and so I look forward to working with colleagues and government over the course of the year in our shared ambition to make it a reality.”
Dame Diana Johnson DBE MP, co-chair of the All-Party Parliamentary Group for ‘Left Behind’ Neighbourhoods said:
“This is a big step in our journey towards securing long term funding for our country’s most ‘left behind’ neighbourhoods, but it’s certainly not the end, and it is important that we keep pushing for investment in the places that need it most.”
“I am extremely grateful to colleagues from the House of Lords and in the Commons who have supported us with this cause so far, but would urge them to keep up the momentum and their passion so we can deliver real, meaningful long-term change for communities like those in my constituency of Kingston upon Hull North and across the country.”
Matt Leach, Chief Executive of Local Trust, one of the founding members of the Community Wealth Fund Alliance said:
“The Alliance welcomes the Government’s decision and we look forward to working with officials, ministers and the members of the APPG for ‘Left Behind’ Neighbourhoods through the consultation and beyond on the design and delivery of what will be an incredibly important resource to transform the social infrastructure of some of our most ‘left behind’ neighbourhoods and communities.”
The Department of Culture, Media and Sport, which has responsibility for the distribution of dormant assets is expected to publish the consultation following Royal Assent to the Bill, expected later this spring.