Child trust Fund Axed - good!

Banned 93 replies
Found 24th May 2010
Chief secretary to the Treasury David Laws said Child Trust Fund payments would be axed by January.
He said halting these £250 payments to newborns from the end of the year - and the £250 top-up payments at age seven from August - would save £320m during the current year.

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93 Comments

Original Poster Banned

I never understood why the taxpayer should give £250 to newborns anyway.
Ridiculous idea!

Banned

Yeah it was a total waste.

Same - such an utter waste of money.

my little girl is now 6 and her £250 that was put into a stakeholder account is now worth under £200. its a total waste of time i dont pay any extra into it as they charge admin fees each year. why let someone charge me to save my money when i could get interest instead !

Original Poster Banned

tinkerbell28;8680055

Yeah it was a total waste.



I never thought it was anywhere near £320 million a year. What the hell was Gordon Brown doing for 13 years! Playing Monopoly?

I suspect that seeing as the children couldn't have access to the money until they were 18 the government could ask for it back, or are they randomly going to leave those that had it to keep it and have it at 18 as planned? (does that make sense?)

Just read about the initial cuts, looks like the worst is still to come, but that's what we've all got to be prepared for, I would imagine most of us will be worse off for the next few years or so, it's just something we have to accept. =|

I imagine the kids who have them will keep them, as per the rules when they were taken out. Once the scheme stops no more will be opened. The government can't really take the money back as some people have added to it with their own funds, and the amount could still be less than the original £250. I always thought it was a waste of time, and all three of my chhildren have been given one. I've never added to it, I have saved for them quite seperately. I doubt it ever encouraged people to save who wouldn't have done so anyway.

Original Poster Banned

Jammy1812;8680083

Just read about the initial cuts, looks like the worst is still to come, … Just read about the initial cuts, looks like the worst is still to come, but that's what we've all got to be prepared for, I would imagine most of us will be worse off for the next few years or so, it's just something we have to accept. =|



Yep - very true. And unfortunately the conservatives will get a bad name for it. If people only understood that we can't live a lie as Gordon and his cronies had us doing, we would be in a better place.

Banned

JonnyTwoToes;8680073

I never thought it was anywhere near £320 million a year. What the hell … I never thought it was anywhere near £320 million a year. What the hell was Gordon Brown doing for 13 years! Playing Monopoly?



I never understood it myself, it encouraged saving how? Those that can and want to save do without the kick start and in better accounts. Those that can't or won't get the state ctf but wouldn't add to it making it pointless.
michelleleemoo;8680080

I suspect that seeing as the children couldn't have access to the money … I suspect that seeing as the children couldn't have access to the money until they were 18 the government could ask for it back, or are they randomly going to leave those that had it to keep it and have it at 18 as planned? (does that make sense?)



Existing funds will stay open.

Banned

JonnyTwoToes;8680073

I never thought it was anywhere near £320 million a year. What the hell … I never thought it was anywhere near £320 million a year. What the hell was Gordon Brown doing for 13 years! Playing Monopoly?



putting 320 million pound a year back into the banks :thumbsup:

are they goin to stop the top up payment from august this year or next year ?

Penny Saver;8680100

I imagine the kids who have them will keep them, as per the rules when … I imagine the kids who have them will keep them, as per the rules when they were taken out. Once the scheme stops no more will be opened. The government can't really take the money back as some people have added to it with their own funds, and the amount could still be less than the original £250. I always thought it was a waste of time, and all three of my chhildren have been given one. I've never added to it, I have saved for them quite seperately. I doubt it ever encouraged people to save who wouldn't have done so anyway.



They could trace it into mixed funds (equitable tracing, bah)

But it's unlikely due to the t&c given with them
People who were born in the last few years should feel lucky
Two of my siblings were eligible and made a profit on them so far

Banned

Jimston;8680133

are they goin to stop the top up payment from august this year or next … are they goin to stop the top up payment from august this year or next year ?



This year.

JonnyTwoToes;8680104

Yep - very true. And unfortunately the conservatives will get a bad name … Yep - very true. And unfortunately the conservatives will get a bad name for it. If people only understood that we can't live a lie as Gordon and his cronies had us doing, we would be in a better place.



Yeah, I can see the Lib-Con coalition getting the blame for this, but it's something we all have to realise, well I guess we'll see in five years time, lol.

michelleleemoo;8680080

I suspect that seeing as the children couldn't have access to the money … I suspect that seeing as the children couldn't have access to the money until they were 18 the government could ask for it back, or are they randomly going to leave those that had it to keep it and have it at 18 as planned? (does that make sense?)



Our son was born almost a year ago - we never even bothered sorting it out.. Kept getting all the details through the post..

I just found it such an epic waste of money as a parent.. I'd much rather see that £250 get redistributed to say children wards or helping parents caring for children with disabilities.. £520 million a year will be saved from scrapping it, that's a hell of allot of money that could of been more use to families who really needed it..

Been going since 2002.. So i guess that's only well over 4 billion we've wasted on that..

So that's HIPS and Child Tax Fund gone.. Some bloody good common sense being applied at the moment

tinkerbell28;8680110

Existing funds will stay open.



I'd rather they had it back, we've had hints that a much needed major road redevelopment may be axed (work was was due to start in August) and I'd be glad to give it back so that this can continue.



THE leader of Nottingham City Council has said it is 'not likely' that funding will be granted to dual the A453.

The new coalition government is reviewing all spending commitments including the A453, the Nottingham tram phases two and three, and improvements to Nottingham Station.

But Labour Coun Jon Collins, leader of the city council, has said the £168m project to improve the A453 is the most under threat.

"This is now a risky business," he said. "It's pretty clear that the funding for the A453 has been suspended and is likely not to go ahead from the kind of comments we hear."

And Coun Jane Urquhart, portfolio holder for transport, later said the A453 scheme was more likely to fall by the wayside than the other projects because it relies predominantly on one source of government funding – whereas the other schemes have funding from multiple partners.

Work was expected to start on the £168m project in the autumn.

The council leader, who is a member of Emda and vice-chair of regional decision-making body the East Midlands Leaders' Board, said advice from council officers and other professionals – including at Emda – has led him to believe the A453 scheme could be axed.

All parties at Nottingham City Council have agreed to now lobby the Government.

Notts County Council is also lobbying the Government to save the project. But its portfolio holder of transport and highways, Conservative Coun Richard Jackson, said they have not received any advice to suggest the A453 is more at risk than other projects.

Steve Calvert, service director for planning sustainability and regeneration at Notts County Council, argued that the A453 project is a 'robust case' and said that he remains optimistic.
such a shame

i'm glad they axed them tbh, my two kids were never given a wad of cash when they were born! it's seems an awful lot of money!

missp27;8680171

i'm glad they axed them tbh, my two kids were never given a wad of cash … i'm glad they axed them tbh, my two kids were never given a wad of cash when they were born! it's seems an awful lot of money!



Exactly - families survived perfectly fine without it.. It's not like when i hit 18 many moons ago did i miss it, if i had gotten it i'd of probabley ****** it up the wall to.

Banned

I thought it was a good idea.

Banned

michelleleemoo;8680161

I'd rather they had it back, we've had hints that a much needed major … I'd rather they had it back, we've had hints that a much needed major road redevelopment may be axed (work was was due to start in August) and I'd be glad to give it back so that this can continue.





A lot are in negatives though and people have added to them, wouldn't bother me either way as we don't use the ctf accounts they have made money in shares, but I think they'd struggle taking back money already given with the EU around.

Next EMA and the stupid £200 for being preggers.

Banned

spritey;8680182

Exactly - families survived perfectly fine without it.. It's not like … Exactly - families survived perfectly fine without it.. It's not like when i hit 18 many moons ago did i miss it, if i had gotten it i'd of probabley ****** it up the wall to.



Whose benefit do you think this was for, it certainly wasnt for babies or 18 yr olds

master_chief;8680187

I thought it was a good idea.



Yeah but you've got your tounge so far up Labours.....

i'm guessing the family tax credits will be next for it. dont mind that one going either as long as we get to keep child benefit. tax credits always annoyed me anyway as someone earning £20k a year and someone getting £60k a year both get the same pathetic £10ish a week.

tinkerbell28;8680190

Next EMA and the stupid £200 for being preggers.



really? people get £200 when they are pregnant? I honestly never knew that - things have changed so much since I had my son 11yrs ago - you got nowt and tbh, I never expected anything as was my choice to have a baby and my financial responsibility.

sassie;8680200

Whose benefit do you think this was for, it certainly wasnt for babies or … Whose benefit do you think this was for, it certainly wasnt for babies or 18 yr olds



Just seemed like one of those schemes setup so Labour could look "pro family", also quite a cheap scheme short to med term as they're essentially not paying out anything for the first 18 years of it.. While ya trust fund will display £250, it's also a way of injecting cash into the economy through the banks.. As they tend to play with any money held on the stock market and currency exchange.

Think ya comment earlier was pretty much spot on

Banned

bossyboots;8680242

really? people get £200 when they are pregnant? I honestly never knew … really? people get £200 when they are pregnant? I honestly never knew that - things have changed so much since I had my son 11yrs ago - you got nowt and tbh, I never expected anything as was my choice to have a baby and my financial responsibility.



Yeah some healthy eating grant at 25 weeks or about that. It must be recent though never had it before.

Banned

spritey;8680212

Yeah but you've got your tounge so far up Labours.....



Not at all. I know it's hard to hear someone having a different opinion to you, my apologies for that.

master_chief;8680251

Not at all. I know it's hard to hear someone having a different opinion … Not at all. I know it's hard to hear someone having a different opinion to you, my apologies for that.



It's not an opinion you have, it's you banging head against the issue till it bleeds new labour red.

It was a stupid scheme, something that was never really needed.. A massive waste of money, which could of been distributed to more important areas of child wellfare. it's almost indefensible, which is why so many people are happy that it's getting scrapped.

Banned

spritey;8680276

It's not an opinion you have, it's you banging head against the issue … It's not an opinion you have, it's you banging head against the issue till it bleeds new labour red.It was a stupid scheme, something that was never really needed.. A massive waste of money, which could of been distributed to more important areas of child wellfare. it's almost indefensible, which is why so many people are happy that it's getting scrapped.



It's not an opinion I have? Really? You seem to know so much about me, and I thought I was a stranger on the internet...

spritey;8680276

It's not an opinion you have, it's you banging head against the issue … It's not an opinion you have, it's you banging head against the issue till it bleeds new labour red.It was a stupid scheme, something that was never really needed.. A massive waste of money, which could of been distributed to more important areas of child wellfare. it's almost indefensible, which is why so many people are happy that it's getting scrapped.



almost as much a waste of money as the pc giveaway - wonder if that will also get scrapped

master_chief;8680187

I thought it was a good idea.



Why would that be?

Jimston;8680230

i'm guessing the family tax credits will be next for it. dont mind that … i'm guessing the family tax credits will be next for it. dont mind that one going either as long as we get to keep child benefit. tax credits always annoyed me anyway as someone earning £20k a year and someone getting £60k a year both get the same pathetic £10ish a week.



It is actually £75000 a year you could earn and still get your £11ish a week. Complete waste of money. Crazy.

bossyboots;8680291

almost as much a waste of money as the pc giveaway - wonder if that will … almost as much a waste of money as the pc giveaway - wonder if that will also get scrapped



hope so! whatever happened to saving up for something you need, not just given it for free. i'm on a very tight budget, i don't have an overdraft or a credit card and i still manage to save!

Banned

I think this was a bit drastic- it was goos to have a CTF to put a savings for the baby. they could have cut out on unemployment benefits. Its annoying that people who can work, just sit at home and get paid benefits!!!

master_chief;8680289

It's not an opinion I have? Really? You seem to know so much about me, … It's not an opinion I have? Really? You seem to know so much about me, and I thought I was a stranger on the internet...



All i've seen from you is pro labour on here.. It's hardly a stretch of the imagination that you'd only throw support for trust fund due to that, especially when it was such a moronic scheme in principle.

bossyboots;8680291

almost as much a waste of money as the pc giveaway - wonder if that will … almost as much a waste of money as the pc giveaway - wonder if that will also get scrapped



God.. I was so angry about that.. I just couldn't understand why the money wasn't pumped into the Library system, if there is one thing the youth needed was more promotion of that.. Put more money into I.T / Technology learning areas in the Library, if children need out of hours access to the internet.. At least they're doing it in an enviroment geared towards that.. Not sat at home on Facebook on their shiney new government funded toy..

I remember if i wanted to get any research done after school, i had to go down the Library and sit finding all the books i needed.

its gone yay!

Banned

I don't think they will completely abolish tax credits really low income families do rely on them whether through choice or circumstance and they couldn't screw all those kids over, plus dual working households rely on them to be able to work with the childcare element, take this away, it would damage the workforce and ruin some families.

Yeah and the pc giveaway wtf was that about?

JonnyTwoToes;8680073

I never thought it was anywhere near £320 million a year. What the hell … I never thought it was anywhere near £320 million a year. What the hell was Gordon Brown doing for 13 years! Playing Monopoly?



£320m is "monopoly" money for Governments, it's hardly anything to what they spend yearly or even monthly.

Wheres it say child tax credit is being stopped and whatever else is being stopped/started.
I agree with there being cut backs on free money.
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