§ Vera Baird:To ask the Chancellor of the Exchequer if he will make a statement on the scheme for baby bonds; and when he expects that they will be available for children in Redcar. [132379]
§ Ruth Kelly:The Child Trust Fund is intended to encourage parents and children to develop the savings habit. It will ensure that every child, whatever their family background, will have access at the age of 18 when they begin their adult life, to a stock of assets which they can invest in their future.
It will also help children and their parents to understand the benefits of saving and investment and how to engage with financial institutions.
Detailed proposals covering the nature of the Child Trust Fund, how it will operate and the information and guidance that will be provided will be published shortly.