To mark Child Trust Fund Week, Barbara met Ed Balls MP, the Economic Secretary to the Treasury, to discuss ways of ensuring that as many Worsley children as possible benefit from Child Trust Funds.
Barbara is calling on Worsley parents to use their £250 vouchers to open an account and ask friends and family to save through their child’s account to build a nest egg for the child’s future.
New figures published this month show that in Worsley constituency, 4,160 Child Trust Fund vouchers have been issued to parents. 2,832 savings accounts have already been opened by parents themselves. The remaining 1,328 are still to be opened or will be automatically opened by HM Revenue & Customs if the vouchers are not used after 12 months so that no child loses out.
“All parents with children born since September 2002 will have received a £250 voucher to get an account started. The Government will add an extra £250 for families on lower incomes, and there will be further top-ups when children reach the age of 7.
“I’m pleased that so many local parents have already opened an account for their child, but I want to encourage all eligible parents to open an account and get friends, family, grandparents and the whole family involved.”
For more information, parents should visit the Child Trust Fund website at http://www.childtrustfund.gov.uk or telephone the helpline on 0845 302 1470.
Barbara meets with Ed Balls MP