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The benefits system needs to
The benefits system needs to support all children, and those in greatest
need the most.That is the rationale for universal child benefit and
targeted tax credits, and why we have committed to increasing the
Child Tax Credit at least in line with earnings up to and including
2007-08. By October 2005, families with children will be on average
£1,400 per year better off, and those in the poorest fifth of the population
on average £3,200 a year better off compared to 1997. Labour’s
Child Trust Fund creates a nest egg for newborns that they can access
at age 18. It is the world’s first example of a government ensuring that
all children grow up with a financial stake.We are determined to see it
grow and are consulting on making payments at age seven and at secondary
school age, in addition to those made at birth.