§ Mr. BestTo ask the Chancellor of the Exchequer what estimate he has made of the number of families in the Leeds, North-West constituency who will benefit from the child trust fund. [146205]
§ Ruth KellyAll eligible children born since 1 September 2002 in families awarded child benefit will receive a child trust fund (CTF). Based on take-up of child benefit, it is estimated that virtually all children born will receive a CTF. Projected birth figures by Parliamentary constituency are not available, although figures for actual births and numbers receiving child benefit by parliamentary constituency are available in the House of Commons Library.
The CTF 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.