A major funding boost from the UK Government could channel millions into West Midlands communities as part of a nationwide £440 million “Dormant Assets Scheme” announced this week.
The money – redirected from long-unused bank accounts and pensions – will support young people, struggling families, and grassroots organisations, with a focus on deprived areas across England.
Set to improve skills and opportunities
The new strategy includes £132.5 million to expand access to music, sport and drama for young people. The aim is to improve skills, boost confidence and open up future career opportunities beyond traditional education paths.
Another £132.5 million will help families facing financial hardship by improving access to affordable loans. The move is designed to offer a safe alternative to high-interest lenders when households face emergency costs like broken appliances or unexpected bills.
Charities and community groups across the West Midlands are also expected to benefit from a further £175 million for social investment and community wealth funds. These funds will help sustain services such as food banks, youth clubs and community centres, and give residents more control over local regeneration projects.
Welcomed by Westminster
Culture Secretary Lisa Nandy and Chancellor Rachel Reeves welcomed major financial firms to Downing Street to encourage wider industry support. They described the scheme as a central part of the government’s “Plan for Change” to tackle inequality and boost local opportunity.
The Dormant Assets Scheme has already released £1 billion to support vulnerable groups across the UK. The latest strategy, with an additional £90 million expected by 2028, represents the first time such funding has been directed by a comprehensive national plan.
Local councils, charities and community leaders in the West Midlands are now being urged to prepare bids and proposals to ensure the region sees its share of this significant public investment.
