Unclaimed assets should go to charity
A government-backed report to be published tomorrow will call for possibly billions of pounds of unclaimed assets to be put towards charitable use.
Estimates of the value of unclaimed cash sitting in bank accounts vary, but most agree that the total runs into billions of pounds.
The report, complied by the Commission on Unclaimed Assets set up by chancellor Gordon Brown last year, says that a fund of at least £400m should be set up to help groups working to reduce poverty in some of the UK's poorest areas.
The money would be distributed by an independent 'social investment bank', and calls by banks for them to control distribution through their own foundations were rejected.
Under the proposals, only money that has been unclaimed for a period of 15 years or more will be used, and the original owners rights to reclaim the cash will still be preserved.
Estimates of the value of unclaimed cash sitting in bank accounts vary, but most agree that the total runs into billions of pounds.
The report, complied by the Commission on Unclaimed Assets set up by chancellor Gordon Brown last year, says that a fund of at least £400m should be set up to help groups working to reduce poverty in some of the UK's poorest areas.
The money would be distributed by an independent 'social investment bank', and calls by banks for them to control distribution through their own foundations were rejected.
Under the proposals, only money that has been unclaimed for a period of 15 years or more will be used, and the original owners rights to reclaim the cash will still be preserved.
Unclaimed assets should go to charity posted by Nicholas Hunt at 3:58 AM
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