Martyn Jones

Labour Party | Clwyd South

Dormant Accounts: Campaigning MP hails Chancellor's boost for charities and good causes

A senior Labour Backbencher has hailed the announcement today in the Chancellor's of the Exchequer's Budget Report in which he said he wants to secure money sitting in dormant bank accounts for charitable purposes.

Clwyd South MP, MARTYN JONES - who has campaigned for two years to bring this about - welcomed the move as a victory for bank and building society customers and charities.

Commenting on the announcement, MARTYN JONES MP said:

"I am delighted that Gordon Brown has made this announcement in the Budget today. Throughout my campaign my main priority has been to ensure that banks and building societies re-double their efforts to re-unite customers with their money. Unfortunately, the financial institutions chose not to take this matter seriously as in other countries. This lack of effort has come into sharp focus in recent weeks as banks have announced record profits. This news means that the Government are taking public opinion seriously on this issue.

"I recently met with both the Chancellor and his Economic Secretary, John Healey to discuss the need for the financial institutions to address the issue of dormant accounts with more vigour. They agreed that customers deserved a more proactive approach from banks and building societies. Today the Government announced that it wants this to happen.

"The second thrust of my campaign has been that for those accounts that remain dormant, to go to charities and good causes and not to boost the profits of bank shareholders. I am delighted that Government has backed my idea. I am certain that this will be a very popular move with the public.

"The establishment of the Balance Charitable Foundation is a step in the right direction, and I welcome the involvement of investment banks - USB and Lehman Brothers. However the retail banking sector have been put on notice that more needs to be done on the entire matter of dormant accounts. The Government are now on their case."