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PPI: Inactive bank accounts will be raided to fund Big Society

David Cameron has announced that the government's Big Society scheme will be funded by inactive bank accounts.

The prime minister confirmed that 'hundreds of millions of pounds' will be taken from dormant accounts which have not been used for 15 years.

Repossessed funds will be given to local charities, voluntary groups and social enterprises to help them take over responsibility of public services.
A Big Society Bank will help organise funding requests and administer grants to successful applicants.

Mr Cameron said: "These unclaimed assets, alongside the private sector investment that we will leverage, will mean that the big society bank will - over time - make available hundreds of millions of pounds of new finance to some of our most dynamic social organisations."

The British Banking Association has estimated that around £400 million may currently be lying in these accounts.

The Labour Party announced a similar programme in 2005, although plans failed to fully materialise.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking. ADNFCR-2776-ID-800003228-ADNFCR

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