Barrow Council has thrown its weight behind a campaign to help deprived areas including Barrow Island using 'dormant assets'.

The Community Wealth Fund Alliance is calling on the Government to use cash generated to target 225 of the most challenged wards in the country, with Barrow Council backing the drive in a bid to see more cash available to improve parts of the country which need additional support.

The alliance is asking the Government to dedicate the next wave of dormant assets coming on stream from bonds stocks, shares, insurance and pension policies to establish a new Community Wealth Fund.

Dormant assets are financial products that have not been used by the customer for several years, with the provider unable to reunite the customer with their funds.

Customers have the right to reclaim their assets at any point.

Under the dormant assets scheme, the dormant funds from more than 30 banks and building societies are held by middle man, Reclaim Fund Ltd, which holds enough money to cover any reclaims while distributing the surplus to social initiatives across the UK.

The Labour Party put out a statement to say that the government needs to go further to support areas hardest hit by the to the pandemic.

Rachael Maskell, the Labour shadow minister for the voluntary sector, backs the plan.

She said: “Councils are in a desperate situation and have already had to cut vital services, medical research programmes and support, as their funds have dried up, so why have the Tories taken so long to respond?

“Giving dormant assets to good causes, is long overdue but although this funding is welcome, it does not solve longer term funding issues.

“Labour has long called on Government to support charities through this crisis, which have already lost over £10bn in fundraising and investments, while demand for their services has increased significantly.”

Barrow Council could now see its name added to the proposal and join a growing number of alliance members who want to make the Community Wealth Fund a reality and make a difference to people's lives.

This would make Barrow Council one of about 30 local authorities preparing to benefit from the new initiative in the hope that assets which are otherwise not being used can be redirected towards worthy causes.