Corona virus summary:
According to an official announcement on the website of the UK Government, authority “unlocked” £150 million from dormant accounts “for coronavirus response.”
Despite the word selection, to many, this sounds much like the Government seized this amount from accounts that were inactive over a certain period.
This all is made possible under the so-called Dormant Asset Scheme in the UK, which is planned to expand its purview over a “range of financial assets.”
An interesting take on this is provided by a recent report from Zero Hedge, which outlines that this scheme steps on the principles of laws that were prevalent back in feudal times. Among the main issues with that, apart from the fact that the Government has a legal claim over private property, is the fact that the “dormant bank account” rules can be “incredibly loose.”