18th January 2007

PARENTS IN CLWYD SOUTH URGED TO USE THEIR CHILD TRUST FUND

MARTYN JONES, Labour MP for Clwyd South, was speaking during the first-ever Child Trust Fund Week, which runs from January 15th to 20th.

He is calling on parents in Clwyd South to use their £250 vouchers to open an account and ask friends and family to get engaged with their child's account to build a nest egg for the child's future.

New figures published this month show that in Clwyd South constituency, 3197 Child Trust Fund vouchers have been issued to parents. 2267 savings accounts have alreadybeen opened by parents themselves. The remaining 930 are still to be opened or will be automatically opened by HM Revenue & Customs if the vouchers are not used after 12 months so that no child loses out.

Commenting, Martyn Jones - Labour MP for Clwyd South - said:

"The Child Trust Fund is a great way of saving for a child's future. All parents with children born since September 2002 will have received a £250 voucher to get an account started. The Government will add an extra £250 for families on lower incomes, and there will be further top-ups when children reach the age of 7.

"I'm pleased that 3197 parents in Clwyd South constituency have already opened an account for their child, but I want to encourage all eligible parents to open an account and get friends, family, grandparents and the whole family involved.

"If any parents want to know more about how the Child Trust Fund scheme works, please contact my office constituency office on 01978 845938"

Launching Child Trust Fund Week, Treasury Minister Ed Balls said:

"The Child Trust Fund's success has exceeded our expectations and nearly 2.5 million accounts have now been opened across the country. But working with Martyn Jones and other MPs I want to do more to encourage parents, grandparents and whole families to get engaged and make the most of the opportunities the Child Trust Fund presents."