Yvonne Fovargue MP attacked the Government’s plans to scrap the Child Trust Fund, which helps families save for their children’s future – even for the poorest families who the Tories promised to protect.
Yvonne Fovargue MP said, “I'm proud that Labour introduced the Child Trust Fund to help families save for their children. It’s outrageous that it has been stopped – even for the poorest families who need the most help. We need to see more saving in the years ahead, so families need more support and encouragement to save for their children's future, not less.”
“It is shocking that one of the very first promises the Tories choose to break is their promise to protect Child Trust Funds for the lowest-income families and disabled children in Makerfield. If this is the Tories starting as they mean to go on it is a grim sign."
“Families in Makerfield are starting to find out what it means to have a Government that’s not on their side.”
The plans are part of the Conservative-Lib Dem coalition’s cuts of £6.2 billion this year. During the election campaign, the Conservatives promised to keep the Child Trust Fund for the poorest one third of families and for families with disabled children – but they have broken this promise and chosen to scrap it entirely.
In the North West, 73,000 Child Trust Fund accounts were opened during the tax year 2007/08. Families can also make their own payments into the account, which the child will be able to access when they are 18. From next year, the coalition Con-Dem Government has announced that the Child Trust Fund will be scrapped, so no more children in the North West will benefit from it – and children under the age of seven will get no more government top-up.