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• These include housing vulnerable people, helping disadvantaged young people into work and dealing with problem debt
• By 2020 the total distribution from dormant accounts to good causes will reach over half a billion pounds

Up to £330 million from dormant bank and building society accounts will be used to help the homeless, disadvantaged young people, local charities and other good causes in the UK over the next four years, Tracey Crouch, Minister for Sport and Civil Society, announced today.

Around £280 million will be allocated to initiatives across England to help disadvantaged young people into work, provide housing for families and vulnerable people, and tackle problem debt.

Of this, up to £135 million will be used by Big Society Capital (BSC) to fund stable and long-term accommodation for vulnerable groups such as homeless people and those suffering with mental health issues, as well as to provide support for local charities and social enterprises. This allocation meets existing funding commitments to Big Society Capital, who will use it to leverage substantial private co-investment, to maximise the impact of these funds.

Around £90 million will also be invested in support of projects that help disadvantaged young people into employment. These initiatives will be jointly designed by the Department for Digital, Culture, Media and Sport, the Department for Education and Big Lottery Fund with input from young people.

The remaining £55 million is set to be awarded to financial inclusion and capability initiatives which will tackle issues such as problem debt, as well as improving access to financial products and services for those on lower incomes.

Out of the £330 million, up to £50 million will be made available for good causes in Scotland, Wales and Northern Ireland and will be distributed by the Big Lottery Fund. Each devolved administration will then decide how these funds are used.

Tracey Crouch, Minister for Sport and Civil Society, said:

By unlocking millions of pounds from dormant accounts for a range of good causes, we can make a real difference to lives and communities across the country.

This is part of the Government’s commitment to building a fairer society and tackling the social injustices that hold people back from achieving their full potential.

I am grateful to the banks and building societies, as well as Reclaim Fund Ltd, for their work to free up these funds for good causes. Working in close partnership with the financial sector and civil society, we are determined to help create a country that works for everyone and build a Britain fit for the future.

The funding for social investment in England will also include £10 million for Access – the Foundation for Social Investment, BSC’s sister organisation.

In a joint statement, Cliff Prior, Chief Executive of Big Society Capital, and Seb Elsworth, Chief Executive of Access said:

This capital will enable many more charities and social enterprises to improve the lives of people all around the UK, delivering larger and more innovative solutions in the focus areas of homes for people in need, and supporting communities experiencing disadvantage.

The Government will work closely with the Big Lottery Fund, as well as a range of social sector and private sector partners, to develop these initiatives over the next few months.

To help support the most vulnerable in society, the Government is already providing over £1 billion up to 2020 to reduce all forms of homelessness and rough sleeping. The Homelessness Reduction Act, the most ambitious reform in decades, is also being brought in to ensure people get the right support sooner.

Dawn Austwick, Chief Executive of Big Lottery Fund, said:

The Dormant Bank and Building Society Accounts Act has made over half a billion pounds available for good causes in the UK. The Big Lottery Fund is proud to be the organisation which distributes these funds and we look forward to working with Government and others to do this.

This funding will give people the opportunity to take the lead in making lasting and sustainable change in their lives and communities.

Adrian Smith, Chief Executive of Reclaim Fund Ltd, added:

We are delighted that this release will bring the total distributed from Reclaim Fund to Big Lottery Fund to more than £500 million in the first six years of the scheme. We will continue to work hard in ensuring that consumers can at any time reclaim money owed from their dormant accounts while working with the government to deliver further funds for good causes.

ENDS

NOTES TO EDITORS:

• For more information call the DCMS press office: 02072112210
• The definition of a dormant bank or building society account is in the Dormant Bank and Building Society Accounts Act: an account is ‘dormant’ at a particular time if the account has been open throughout the period of 15 years ending at that time, but during that period no transactions have been carried out in relation to the account by or on the instructions of the holder of the account.
• Customers in the current scheme are able to reclaim any asset deemed dormant at any time.
• Following the introduction of the Dormant Bank and Building Society Accounts Act in 2008, Reclaim Fund Ltd (RFL) was established by the Co-operative Banking Group Limited to administer the process of the dormant accounts scheme.
• Since the Dormant Accounts Scheme was established in 2008, almost £1 billion of dormant accounts money has been identified. Of this, more than £360 million has so far been directed towards good causes across the UK.
• The estimation of £330 million is based on funds expected to be made available from dormant bank and building society accounts over the next four years under the current dormant account legislation.
• Today’s announcement is based on funding expected to be made available under the current dormant accounts scheme only. In addition, the independent Commission on Dormant Assets made recommendations in March 2017 to Government on expanding the scheme to include a wider range of dormant financial assets. The Government is currently considering the Commission’s recommendations and will respond in due course.
• The funding to social investment will meet the government’s £100 million commitment to Big Society Capital (BSC). In addition £35 million will be provided to BSC and Access Foundation to be innovative in helping increase the sustainability of the social investment market.
• The £90 million youth programme is being developed by the Big Lottery Fund, the Department for Digital, Culture, Media and Sport and the Department for Education. It will be designed through engagement with young people and experts across different sectors, including the youth, education, VCSE and business sectors. The Big Lottery Fund will set out plans for engagement in early 2018.

About Big Lottery Fund:

Big Lottery Fund uses money raised by National Lottery players to help communities achieve their ambitions. From small, local projects to UK-wide initiatives, our funding brings people together to make a difference to their health, wellbeing and environment. Since June 2004 we have awarded £8.5 billion to projects that improve the lives of millions of people.

British Secretary of State for Defence Gavin Williamson visits Kuwait today, Wednesday 3 January 2018, for the first time since his appointment in November 2017. During his visit he called on His Highness the Amir Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah and the Prime Minister His Highness Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah. He also called on the First Deputy Prime Minister and Defence Minister Sheikh Nasser Sabah Al-Ahmed Al-Jaber Al-Sabah and congratulated him on his recent appointment.

This visit is an important opportunity to build on the excellent defence co-operation between the State of Kuwait and the United Kingdom as part of the close and cordial bilateral relations which exist between our two countries. The United Kingdom welcomes the important role which Kuwait is playing in the region – as a key partner in the Counter-Daesh Coalition, as a major humanitarian donor and as a mediator in regional disputes – and more widely as Kuwait joins the United Nations Security Council for 2018-2019

The Competition and Markets Authority (CMA) has been carrying out an initial investigation into Refresco’s proposed $1.25 billion (about £935 million) purchase of Cott’s worldwide beverage manufacturing business.

In the UK, Refresco and Cott manufacture, package and distribute soft drinks for a number of well-known brands, supermarkets and shops.

Each business produces a range of different soft drinks, which are then packaged in a variety of formats and sizes. The CMA’s initial investigation into the merger did not find any competition concerns for the majority of these products.

However, both companies supply juice drinks using a special aseptic production process that allows them to be sold preservative-free and without refrigeration.

Only one other competitor in the UK currently supplies third parties with juice drinks using this production process. The CMA is therefore concerned that, after the merger, the combined business might be able to increase prices or lower quality standards.

Rachel Merelie, CMA Acting Executive Director and decision maker in this case, said:

These companies supply well-known UK shops and brands with soft drinks, who in turn sell these to thousands of people daily. It is therefore important that we address any issues to ensure that shoppers do not lose out.

We have looked at all aspects of this merger and have concerns that the merger could lead to reduced competition in the manufacturing and packaging of certain juice drinks. This may result in higher prices or quality standards slipping for stores and brands, with potential knock-on effects to end-consumers.

The CMA will now refer the merger for an in-depth investigation unless Refresco offers acceptable undertakings to address competition concerns.

All information relating to the merger is available on the case page.

Notes for editors

1. The CMA is the UK’s primary competition and consumer authority. It is an independent non-ministerial government department with responsibility for carrying out investigations into mergers, markets and the regulated industries and enforcing competition and consumer law.
2. Enquiries should be directed to the Press Team, on 020 3738 6191 or press@cma.gsi.gov.uk.
3. For information on the CMA see our homepage, or follow us on Twitter @CMAgovuk, Facebook, Flickr and LinkedIn. Sign up to our email alerts to receive updates on merger cases.

The Charity Commission has made a number of amendments to the content of the annual return for 2018 (AR18), after an extensive consultation with charities throughout the autumn.

It says the new annual return will make for an easier user experience for charities, and stresses that it will be more proportionate than in the past, with many charities required to answer fewer questions, and only those with large or complex operations being required to provide more information. On average, charities completing the annual return will answer 15 fewer questions than in the past.

In a consultation report published today, the regulator also says it is grateful for the positive and constructive engagement it has had with charities and that it has taken into account charities’ responses in making a number of key changes to the proposed content.

For example, the regulator is amending a proposed new question on income received from overseas. Only information about income from overseas governments or quasi-governmental bodies, charities and NGOs will be mandatory for the first year. This is information that relevant charities should already record and hold. Providing information about income from other overseas institutions and donors will be voluntary for the AR18 and then mandatory in following years. The Commission will also introduce a threshold for this information. These changes will ensure that charities can update their records and systems before the question areas become compulsory.

The Commission has also decided not to ask charities:

• whether they are claiming rate relief for the premises they use
• the amount of gift aid they have claimed (charities are already required to declare whether they are registered for gift aid, and the Commission will ask charities to provide their HMRC number)

The Commission says it requires these two pieces of information for regulatory purposes, but accepts that they may be available from other sources, and that it should pursue other options before adding to the reporting burden for charities.

Proposed new questions on executive pay in charities will be included in the annual return: AR18 will ask charities to provide information about the total remuneration received by their staff members, including salary, bonuses, pension contributions, private health care and other benefits in kind. The Commission will make public how many individuals receive total packages worth upwards of £60,000 in bands (in bands of £10,000 up to £150,000, then in bands of £50,000). The Commission will also require charities to provide information about their highest paid employee, but that information will be held for regulatory purposes, rather than made public.

David Holdsworth, Deputy CEO and Registrar at the Charity Commission, says:

The annual return is a vital tool in promoting charities’ accountability to the public, donors and beneficiaries as well as ensuring we have the information we need to be an effective, proportionate, risk-led regulator.
I am grateful to the charities that took part in our extensive consultation on the content of AR18. Today’s report shows that we have listened carefully to charities’ submissions and have made important changes as a result.

However, in some important areas, including around executive pay, we will require charities to provide us with more detailed information. We know the public care deeply about transparency in this area, and it is vital that charities, and the Commission as regulator, respond constructively to these expectations. I am confident our decision in this area strikes the right balance between transparency and protecting the personal data of individual staff members in charities.

The Commission engaged in a wide-ranging consultation on AR18, including through targeted user testing. It identified groups of charities most likely to be affected by proposed changes and asked individuals responsible for completing the annual return to test the prototype digital service. The Commission says that it received largely positive feedback about testers’ experience.

The Commission has also published the formal regulations underpinning the AR18.

The Commission is currently developing the digital service that will underpin AR18, and hopes to make the return available to charities within the next four months.

The annual return must be completed by charities with annual incomes of upwards of £10,000. AR18 applies to charities with financial years ending from 1 January 2018. Charities have ten months from the end of their financial year to complete the return.

International Trade Secretary, Dr Liam Fox, travels to China today (Tuesday 2 January), in his first international visit of the new year to advance the UK’s trade and investment relationship.

In a 2-stage visit to Beijing and Shenzhen, Dr Fox will meet the Chinese Minister of Commerce Zhong Shan and the chairman of one of the world’s largest insurance companies, Ma Mingzhe from Ping An. He will also promote the government-backed GREAT ‘Festival of Innovation’ taking place in Hong Kong later this year to showcase the latest technology from the UK and Asia.

China is the UK’s fifth largest trading partner in the world, with trade between the countries worth £59.1 billion based on the latest figures (2016). In the same period the UK exported £16.8 billion of goods and services, making China the UK’s eighth largest export market.

The Department for International Trade has also just announced up to £25 billion in financial support – including loan guarantees – for UK businesses operating along the Belt and Road Initiative (BRI). The initiative, set up by the Chinese government, aims to increase economic cooperation with countries around the world along key transport routes.

International Trade Secretary, Dr Liam Fox said:

China as a world leading economy and the UK’s fifth largest trading partner is an important market for British companies as we look to build independent trading relationships across the world.

As an international economic department, we want 2018 to be the year of exporting with businesses across the UK seizing the opportunities that the world provides.

That’s why we’re determined to make exporting even easier, and we have announced we’re making up to £25 billion of funding available for UK exporters and buyers of UK goods and services along the Belt and Road Initiative so that no viable export fails for a lack of funding.

The Trade Secretary’s visit follows the Economic Financial Dialogue in China last month (December 2017) where more than £1.4 billion of trade and investment was agreed in Beijing. Trade Minister Mark Garnier supported the Chancellor as they reaffirmed their commitment to developing a global partnership, establishing the next steps for a deeper trade and investment relationship as the UK builds an economy fit for the future.

The UK has also attracted more foreign direct investment projects than ever before (year 2016 to 2017). With 2,265 projects recorded, figures show an increase of 2% on the previous year. This means more than 75,000 new jobs were created, and 32,600 safeguarded, amounting to over 2,000 jobs per week across the country.

Further information

Total trade in goods and services (that is exports plus imports) between the UK and China totalled £59.1 billion in 2016 an 8.9% increase from 2015 (Source: ONS Pink Book 2017).

In 2016, UK exports to China amounted to £16.8 billion (a 2.4% increase from 2015).

The top 5 UK goods exported to China in 2016 were:

87 – vehicles other than railway or tramway stock (27.6% of all UK goods exported to China)

27 – mineral fuels or oils, products of their distillation (12.1%)

84 – machinery and mechanical appliances (10.5%)

85 – electrical machinery and equipment (6.8%)

71 – precious stones and metals (6.5%)

In the dataset, you can find the date of sale for each property, its full address and sale price, its category (residential or commercial) and type (detached, semi-detached, terraced, flat or maisonette and other), whether it is new build or not and whether it is freehold or leasehold.

The number of sales received for registration by property type and month

Of the 106,412 sales received for registration in November 2017:

• 79,133 were freehold, a 10.3% increase on November 2016
• 13,095 were newly built, a 5.2% increase on November 2016

There is a time difference between the sale of a property and its registration at HM Land Registry.

Of the 106,142 sales received for registration, 30,458 took place in November 2017 of which:

• 489 were of residential properties in England and Wales for £1 million and over
• 293 were of residential properties in Greater London for £1 million and over
• four were of residential properties in Greater Manchester for £1 million and over
• one was of a residential property in Cardiff for £1 million

The most expensive residential sale in November 2017 was a semi-detached property in the London Borough of Kensington and Chelsea for £13m. The cheapest residential sale in November 2017 was of a terraced property in Burnley, Lancashire for £15,000.

The most expensive commercial sale in November 2017 was in Solihull, West Midlands for £73,900,000. The cheapest commercial sales in November 2017 were in Islington, Cambridge, Fenland, Redbridge and Southend on Sea, each for £100.

Access the full dataset.

Notes to editors

1. Price Paid Data is published at 11 am on the 20th working day of each month. The December dataset will be published on 29 January 2018.
2. A total of 65,000 duplicate cancelled sales transactions (less than 0.003% of the total) have been removed from the October 2003 – February 2005 data. We are committed to the accuracy of our data and will continue to respond to customer feedback.
3. Price Paid Data is property price data for all residential and commercial property sales in England and Wales that are lodged with HM Land Registry for registration in that month, subject to exclusions.
4. The amount of time between the sale of a property and the registration of this information with HM Land Registry varies. It typically ranges between 2 weeks and 2 months. Data for the two most recent months is therefore incomplete and does not give an indication of final monthly volumes. Occasionally the interval between sale and registration is longer than 2 months. The small number of sales affected cannot be updated for publication until the sales are lodged for registration.
5. Price Paid Data categories are either Category A (Standard entries) which includes single residential properties sold for full market value or Category B (Additional entries) for example sales to a company, buy-to-lets where they can be identified by a mortgage and repossessions.
6. HM Land Registry has been collecting information on Category A sales from January 1995 and on Category B sales from October 2013.
7. Price Paid Data can be downloaded in txt, csv format and in a machine-readable format as linked data and is released under Open Government Licence (OGL). Under the OGL, HM Land Registry permits the use of Price Paid Data for commercial or non-commercial purposes. However, the OGL does not cover the use of third party rights, which HM Land Registry is not authorised to license.
8. The Price Paid Data report builder allows users to build bespoke reports using the data. Reports can be based on location, estate type, price paid or property type over a defined period of time.
9. HM Land Registry is a government department created in 1862. It operates as an executive agency and a trading fund and its running costs are covered by the fees paid by the users of its services. Its ambition is to become the world’s leading land registry for speed, simplicity and an open approach to data.
10. HM Land Registry safeguards land and property ownership worth more than £4 trillion, including more than £1 trillion of mortgages. The Land Register contains more than 25 million titles, which show evidence of ownership, covering more than 85% of the land mass.
11. For further information about HM Land Registry visit www.gov.uk/land-registry.
12. Follow us on:

• Twitter @HMLandRegistry
• our blog
• LinkedIn
• Facebook

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