Arts could benefit from £800m dormant assets scheme

An expansion of the Government's Dormant Assets Scheme could provide more than £800m for "good causes," Culture Secretary Oliver Dowden has said.

The scheme, which allows dormant bank and building society accounts to be released as public funds, will be extended to the insurance, pensions, wealth management and securities sectors. 

MPs say the extra funding will benefit communities as they recover from the coronavirus pandemic.

Funding released to date has mostly been used on social enterprise programmes. However, it is up to each of the four nations to decide how they will spend their cut, leaving the door open for cultural charities to benefit.