FINANCE NEWS: MPs sign motion to donate funds from dormant accounts

One hundred MPs have signed an early-day motion calling on the Government to transfer up to £20 billion residing in dormant bank accounts to charities.

Labour MP Martyn Jones, who tabled the motion, wants the Government to adopt legislation already in place in countries such as Ireland to provide a windfall for good causes.

Estimates of the amount of money in dormant accounts range from £2 billion to £20 billion, according to Jones.

"I'm delighted that this idea has captured the imagination of so many of my MP colleagues," he said. "There is a real groundswell of opinion here in the Commons in support of the Government taking action. The Irish example has been hugely successful, and I believe a similar scheme over here would prove to be equally popular."

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