Gordon Brown set to announce that unclaimed assets worth £300m will be reinvested in new youth and art centres

Chancellor Gordon Brown is set to announce today that £300m from “dormant” bank accounts will be used to build a network of new youth and art centres.

Money that has sat untouched for at least 15 years in bank accounts is to be distributed by the Big Lottery Fund to build about 700 centres across the country.

Ministers will say that the funds should allow for more than one community sports, arts or youth centre to be built in every constituency.

Former Building columnist Ed Balls, the economic secretary to the Treasury, and Ed Miliband, the minister for the voluntary sector, will set out proposals on how the money will be spent in the community.

Balls is expected to say: “The government wants unclaimed assets to be reinvested in the community to fund youth services, financial capability and inclusion.”