Labour’s CTFs to be axed as part of “painful” spending cuts by Con-Lib government
Britain’s Child Trust Fund scheme, started by Labour in 2002, has been axed by chancellor George Osborne in a bid to tackle Britain’s 156 billion finance deficit. Scrapping the funding scheme will save around £580 million a year.
The scheme entitled every child born in the UK to £250 at birth with children from the poorest families able to claim £500. Before the election, the Conservatives favoured means testing for CTFs while the Lib Dems preferred ending the scheme altogether.
The initiative failed to excite the public despite a huge launch, with a quarter of new parents failing to open up their own fund for their child in the first 4 years of the system. The termination of the scheme leaves a strange situation where all children born in the small window between 2002 and 2010 will be able to claim money when their trust funds mature from 2020 onwards.
The cuts come as Deputy Prime Minister, Nick Clegg warned yesterday that the time had come for “difficult decision and that the “age of plenty” was over.
"The cuts come as Deputy Prime Minister, Nick Clegg warned yesterday that the time had come for “difficult decision and that the “age of plenty” was over". - it will be over for many, especially for poor and for babies, but not OVER for rich and in power. And, by the way, - what is happening with his "no-more-nuckes"? Nothing, because he is very vulgar hypocrit & mideocracy, pretending to be aristocracy... Soon normal people will be sick of all of them...
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