The Government has announced it will set up a new unit that will monitor the amount of money held by the poorest households in the country.
This week the Government announced a £4 million grant to the OPM Wealth Centre in London to monitor and help ensure that “great wealth transfers” were being recorded.
This is a project which will be a part of the OMA funding for a new National Wealth Report, which is being prepared by the Government.
The report will be based on data from the Wealth Report 2013.OPM says that the money collected will be used for research and to support the Ombudsman and the Office of the Commissioner for National Statistics.
The OPM report is being led by John O’Brien, who has previously worked as a director of OPM and is currently a member of the Government’s Wealth Advisory Board.
It is due to be published in January next year.
It comes as the Government plans to create a new £4m fund to monitor the wealth of the poorest household in the UK.
Mr O’Connor said that the new fund would be a supplement to the existing National Wealth Fund which has been set up in the wake of the financial crisis.
This new fund will be designed to provide “the resources and support necessary to monitor, collect and report on the wealth held by households in Scotland, Wales and Northern Ireland”.
Mr OBrien said the aim was to “support the OMI to be a more robust and comprehensive national wealth report”.
“The OMI has been a central player in helping to build the UK’s wealth and it is essential we continue to support it to ensure it remains a vital tool to help ensure the UK is a country that works for all its people,” he said.
Mr McAlpine said that as a result of the increase in wealth, the number and size of wealth transfers in the past year had more than doubled.
He said that wealth transfers are now “on track to exceed £2.4 trillion”.
He said: “There is now a new funding mechanism in place to help increase wealth transfers.”