This week, People’s Health Trust joined other members of the Community Wealth Fund Alliance in parliament to welcome announcement of new funding for disadvantaged communities.
Last month, the Department for Culture Media and Sport (DCMS) announced plans to expand the Dormant Assets Scheme to include community wealth funds in England. The purpose of the funds is to allow local residents in disadvantaged areas to improve their neighbourhoods and make decisions on how to use the money.
Following a consultation last year on the use of dormant assets, the government decided to add community wealth funds to the list of beneficiaries who currently receive money from forgotten bank and building society accounts.
The announcement follows concerted campaigning by the Community Wealth Fund Alliance - a group of over 660 civil society, public and private sector organisations advocating to secure long-term, community-led investment in disadvantaged neighbourhoods.
The government will launch a consultation in the coming months on the design of the initiative to ensure that local decision-making sits at the heart of community wealth funds.
This week’s event was addressed by Department for Digital, Culture, Media and Sport Minister Stuart Andrew MP who noted the potential for these funds to have a lasting benefit to communities and people across England.
Read more about People’s Health Trust’s involvement with the Community Wealth Fund Alliance and its history here.
Read more about how community power is a building block of health.