Report to the People
21st January 2008

Giving Old Money New Life

Despite all the talk of “credit crunches” and bad debts in the sub-prime mortgage market, the big banks still seem to being doing very nicely indeed.

But, no matter how tidy their profits or eye-watering their executives’ bonuses, they never seem to tire of finding new ways to make even more - as those of you who have contacted me for information on reclaiming banks’ hefty charges for going a few pounds overdrawn know only too well.

One pile of money the banks certainly do not need is all the unclaimed cash which has lain untouched for years in the accounts of people who have died or cannot be traced.

The Holyrood and Westminster parliaments, therefore, have joined forces to unlock this money - about £40m in Scotland’s case - and reinvest it in the community.

Thanks to a vote in the Scottish Parliament on Thursday, a Bill currently going through at Westminster will now also give Scottish Ministers powers to set out how funds lying in accounts which have not been touched for over fifteen years should be spent.

We must, of course, put pressure on Ministers to invest this money in initiatives which will really enhance communities like ours and not squander it on pet projects at the other end of the country.  But that’s an argument for another day.  For now, we should be happy that, for a pleasant change, a bit of co-operation between politicians has yielded the most sensible solution.

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