Dormant Bank and Building Society Accounts Bill [HL]

This has proved to be a useful, extensive debate on a wide range of issues. It was disappointing for many of us to have confirmation that the Government have precious little intention of setting up a social investment wholesaler or bank, whatever you like to call it, because they are going to try to splurge as much money as possible on the first two objectives specified in the clause. That is a source of great disappointment, particularly because initially there will be a backlog of money flowing out of the dormant accounts of the banks and building societies which will be much larger than that which will come at any later stage on an ongoing basis. A very good use for that would be to provide something which had sustainability, as opposed to a peak of expenditure, which cannot be sustained, for the other kinds of projects that will be financed. My noble friend’s amendments are in two parts. One relates to definitions. We support the better definition that my noble friend proposes, as compared with the ““social investment wholesaler”” in the Bill with its very limited definition. The Minister claimed that this was novel and that we should congratulate the Government on being novel. In fact, the Minister tends to use novel as an excuse for remaining vague. We are trying to put some specificity around this concept and that is why we support the amendments of my noble friend Lord Hamilton. My noble friend also wants to pre-empt a certain amount of money. It is difficult for the reasons the Minister has given to say that a certain amount of money should go in. Nevertheless—I return to my earlier point—it is extremely disappointing that there is no commitment from the Government to put any money whatever into this. The Commission on Unclaimed Assets made a very clear recommendation that it would be a good source. There is no point in continuing our debates today, in part because time is moving on and we do not want to move into a fifth day in Committee. The Minister knows that we will return to this topic at a later stage and I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. [Amendments Nos. 74 to 76 not moved.] Clause 17 agreed to. Clause 18 [Distribution of money for meeting Welsh expenditure]: