Children's Bond

HC Deb 19 July 2001 vol 372 cc374-5W

18. Mr. Prosser

To ask the Chancellor of the Exchequer how many families will benefit from the proposed children's bond. [3341]

Ruth Kelly

In late April the Government announced a consultation on two new proposals to encourage saving and the build up of assets, the Child Trust Fund and the Saving Gateway. The Child Trust Fund would benefit each of the 700,000 or more children born every year. In addition to an endowment paid in by the Government, the scheme would allow parents, grandparents, friends and children themselves to make additional contributions, so providing families with a safe and secure account to save towards their children's future. The Child Trust Fund would provide all young people beginning their adult life with the advantage that owning financial assets brings.