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Child Trust Fund Axe - 'A Disgrace'

 

CTF jpegDawn Primarolo has reacted angrily today to the news that the Government is axing Child Trust Funds.  The Labour MP for Bristol South and former Children’s Minister has pledged to campaign for the Government to reverse their decision.


The Fund, established by the Labour Government in 2002, gave a guaranteed payment of £250 to all children at birth. Further payments were due to be made on a child’s seventh birthday, and there were additional payments for children from poorer households and disabled children.  Accounts could also be topped up by contributions from parents and relatives, and can be accessed on the child’s 18th birthday.  Now the coalition has confirmed that Government contributions to the Fund will be stopped by January. 

Commenting, Dawn said: “This announcement by the Con/Dem administration is a disgrace.  Child Trust Funds have helped create a savings culture amongst parents and children.  A few hundred pounds might not be much to the millionaires in the Cabinet, but will make a real difference to young people in Bristol South when they turn 18.  Shamefully, the Government is pulling the plug so that no more children will benefit.

"This is the first clear Liberal Democrat ‘victory’ of the coalition.  The Tories, to give them some credit, wanted to keep Child Trust Funds for the poorest families, but they’ve been persuaded by the Lib Dems to scrap future Government payments.  People in Bristol South will be astonished that the Liberals have clearly fought so hard to take money out of young people’s pockets. I will be working hard to convince the Government to reverse this damaging decision.”

 

Posted: 25 May 2010

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