Dormant Bank and Building Society Accounts Bill [HL]

The Bill enables the devolved Administrations to determine their own priorities for distribution to best reflect the needs of communities in their own countries. Those priorities for distribution will be determined by order, subject to scrutiny and approval by the individual devolved Assembly or Parliament. I need to impress on the Committee that the devolved Administrations have all publicly committed themselves to consultation on setting priorities for expenditure. Given the public comments made by all the devolved Administrations, and the scrutiny process that will apply, we do not feel that the amendments are necessary. If I may dare use the expression ““in the spirit of devolution””, it is appropriate that we leave it to the relevant Administrations to determine the precise process of consultation, bearing in mind that they have all committed themselves to consultation. I was asked why the Government did not consult on spending priorities. In the 2005 Pre-Budget Report, we stated that the focus of the assets in England should be on youth services that are responsive to the needs of young people and on financial capability and inclusion, and that that represented a worthwhile and effective use of the resources available. Since then, we have held a wide-ranging review of youth services, involving extensive consultation with youth-focused third sector organisations and young people. We have also published long-term strategies aimed at improving financial capability and increasing financial inclusion, both of which have included consultation with non-governmental organisations. The outcome of those reviews, as well as that of the third sector review, which involved the largest-ever consultation with the third sector, will be used as key sources of evidence to ensure that those assets are spent effectively to deliver the biggest impact on the most pressing priorities.