Budget 2003: Trust funds launched for UK babies
Every child born in Britain will receive a trust fund from the government backdated to September last year, the chancellor of the exchequer has announced today.
Link: Budget special
The child trust fund, launched by Gordon Brown today, will be open to ‘every child born from today, from this year and every year’ and will be available to them once they reach the age of 18.
The chancellor said the fund would align payments to the school year and the government would make back payments to funds from September of last year.
The endowment will be of at least £250 per year with additional payments each year. Parents and grandparents will also be able to contribute to the fund.