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Meg Munn MP - Sheffield Heeley's voice in Parliament | Welcome
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Meg welcomes the new Child Trust Fund

Thursday, November 28, 2002

Meg Munn, Labour and Co-operative MP for Sheffield Heeley has welcomed news of the new Child Trust Fund today.

Gordon Brown, the Chancellor of the Exchequer, in his pre-budget speech, reconfirmed his commitment to a Child Trust Fund, sometimes known as a baby bond and said there would be consultation on the specific detail.

The Government are proposing to endow all newborn babies with a lump sum, adding subsequent top-ups at certain ages, possibly 5, 11 and 16. This, with additional state and voluntary family contributions, and the interest earned, will accumulate until the child turns eighteen when the fund will provide a nest egg giving all young adults a good start in life and a sense of security and something to fall back on if necessary.

The figures have not yet been confirmed but proposals are for an initial bond of £500 for those on low incomes, and £250 for children of wealthier families, with top-ups of £100 or £50 depending upon family income.

There would be no restrictions on how the money was spent.

Meg said

“I was pleased to hear the Chancellor announce the Child Trust Fund, first mentioned before the last election. I think it is a great building block that will help young people as they start their adult lives, making choices about whether they wish to study, work or train. We know that some young people live in deprived areas with high levels of poverty, where their families ordinarily could not afford to give them money to help them as they become adults.  The Child Trust fund, when it matures, could make a significant difference.

Although generous, it won’t cost the Government huge sums of money and yet, with families and relatives perhaps helping to add money to the fund for occasion such as birthdays, there could be a decent sized amount available at 18.”

ENDS


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