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The above table shows the number of accounts (in thousands) opened by HMRC broken down by the year of birth and government office region of the child. The numbers have been rounded to the nearest thousand.

Child trust funds help to build the savings habit of future generations, contribute to financial education and will ensure that at age 18, every child will have access to their own financial asset. Over 4 million children now have a child trust fund account.

Asked by Lord Oakeshott of Seagrove Bay

Lord Myners: There are three types of child trust fund (CTF) accounts—stakeholder, cash and non-stakeholder shares accounts. Parents can choose which type of account to invest their child’s money in, and can transfer between account types at any time.

If parents do not open an account within one year, HM Revenue & Customs (HMRC) will open a stakeholder CTF account for the child, ensuring that no child misses out on the benefits of a CTF account.

The Government have put in place a number of rules for stakeholder CTF accounts. The child trust fund regulations require CTF providers to diversify the investments within a stakeholder account. They also require assets held in child trust fund accounts to be moved into investments with lower risk and return profiles when the child reaches 13. This process, known as lifestyling, will further reduce the risk of investing in equities as CTF accounts reach maturity. Furthermore, account charges on stakeholder CTF accounts are capped at a maximum of 1.5 per cent per year.

Asked by Lord Oakeshott of Seagrove Bay

Lord Myners: No estimate has been made, and the information can only be provided at disproportionate cost.

Asked by Lord Oakeshott of Seagrove Bay

Lord Myners: The child trust fund regulations require CTF providers to diversify the investments within a stakeholder account. They also require assets held in child trust fund accounts to be moved into investments with lower risk and return profiles when the child reaches 13. This process, known as lifestyling, will further reduce the risk of investing in equities as child trust fund accounts near maturity.

The child trust fund is designed as a long-term investment and the first accounts will not mature until 2020. Therefore at this stage it is too early to assess the effectiveness of rules to reduce risk in stakeholder accounts.

Asked by Lord Oakeshott of Seagrove Bay

Lord Myners: Information on the number of child trust funds opened in each year since 2003 by HM Revenue and Customs is set out below. This is also available in table 2 of the Child Trust Fund Statistical Report 2008 which can be found at the following address at www. hmrc.gov.uk/ctf/statistical-report-2008.pdf.

All child trust funds opened by HM Revenue and Customs are stakeholder accounts. Information broken down by provider is not published as it is commercially confidential.



20 Apr 2009 : Column WA313

Vouchers used by financial year of birth
Date of birth of child and voucher valueVouchers issuedAccounts opened by parentsAccounts opened by HM Revenue & Customs or not yet opened
1,000s1,000s (%)1,000s

1 September 2002-5 April 2003: £277

412

304 (74%)

108

6 April 2003-5 April 2004: £268

719

543 (76%)

176

6 April 2004-5 April 2005: £256

726

551 (76%)

175

6 April 2005-5 April 2006: £250

730

537 (74%)

193

6 April 2006-5 April 2007: £250

743

549 (74%)

195

All

3,330

2,484 (75%)

846

Children: Carers

Question

Asked by Lord Bradley

The Parliamentary Under-Secretary of State, Department for Children, Schools and Families (Baroness Morgan of Drefelin): Young carers are a devolved issue. We are seeking the data for Wales, Scotland and Northern Ireland from the offices of the devolved Administrations. The information they provide will be forwarded as soon as it is available.

In relation to England, the 2001 census, which is the only source of nationally comparable data on the number of carers of all ages, indicated that the total number of young carers aged under 16 was 90,000. A breakdown of the data for the English regions and their local authority areas is provided in the table attached.

Source: ONS Census



20 Apr 2009 : Column WA314



20 Apr 2009 : Column WA315



20 Apr 2009 : Column WA316

The number of young carers aged under 16 in England in 2001 Year: 2001
Number of carers aged under 16

England

90,000

England Regions

North East

5,000

North West

15,000

Yorkshire and The Humber

9,000

East Midlands

8,000

West Midlands

11,000

East of England

9,000

London

14,000

South East

12,000

South West

8,000

Top tier England Local Authorities

Barking & Dagenham

400

Barnet

600

Barnsley

400

Bath & North East Somerset

300

Bedfordshire

700

Bexley

400

Birmingham

3,000

Blackburn With Darwen

400

Blackpool

300

Bolton

500

Bournemouth

300

Bracknell Forest

200

Bradford

1,000

Brent

700

Brighton & Hove

400

Bristol

600

Bromley

400

Buckinghamshire

700

Bury

400

Calderdale

400

Cambridgeshire

900

Camden

400

Cheshire

1,000

City of London

-

Cornwall

1,000

Coventry

700

Croydon

700

Cumbria

900

Darlington

200

Derby

600

Derbyshire

1,000

Devon

1,000

Doncaster

600

Dorset

600

Dudley

600

Durham

1,000

Ealing

600

East Riding of Yorkshire

500

East Sussex

800

Enfield

400

Essex

2,000

Gateshead

300

Gloucestershire

800

Greenwich

400

Hackney

500

Halton

300

Hammersmith & Fulham

300

Hampshire

2,000

Haringey

400

Harrow

400

Hartlepool

200

Havering

400

Herefordshire

300

Hertfordshire

2,000

Hillingdon

400

Hounslow

500

Isles of Scilly

-

Isle Of Wight

300

Islington

300

Kensington & Chelsea

200

Kent

2,000

Kingston Upon Hull

500

Kingston Upon Thames

200

Kirklees

800

Knowsley

400

Lambeth

500

Lancashire

2,000

Leeds

1,000

Leicester

800

Leicestershire

1,000

Lewisham

500

Lincolnshire

1,000

Liverpool

1,000

Luton

500

Manchester

900

Medway Towns

400

Merton

300

Middlesbrough

300

Milton Keynes

400

Newcastle Upon Tyne

500

Newham

800

Norfolk

1,000

North East Lincolnshire

300

North Lincolnshire

300

North Somerset

300

North Tyneside

400

North Yorkshire

800

Northamptonshire

1,000

Northumberland

500

Nottingham

600

Nottinghamshire

1,000

Oldham

600

Oxfordshire

900

Peterborough

300

Plymouth

500

Poole

300

Portsmouth

300

Reading

200

Redbridge

500

Redcar & Cleveland

300

Richmond Upon Thames

200

Rochdale

500

Rotherham

500

Rutland

-

Salford

500

Sandwell

600

Sefton

700

Sheffield

900

Shropshire

500

Slough

300

Solihull

300

Somerset

800

South Gloucestershire

400

South Tyneside

300

Southampton

300

Southend

300

Southwark

500

St Helens

400

Staffordshire

1,000

Stockport

600

Stockton On Tees

300

Stoke-On-Trent

500

Suffolk

1,000

Sunderland

600

Surrey

2,000

Sutton

300

Swindon

300

Tameside

500

Telford & Wrekin

300

Thurrock

300

Torbay

200

Tower Hamlets

700

Trafford

400

Wakefield

600

Walsall

500

Waltham Forest

400

Wandsworth

300

Warrington

300

Warwickshire

800

West Berkshire

200

West Sussex

1,000

Westminster

200

Wigan

700

Wiltshire

700

Windsor & Maidenhead

200

Wirral

700

Wokingham

200

Wolverhampton

500

Worcestershire

900

York

200

Notes: Numbers have been rounded to the nearest 1,000 if they exceed 1,000 and to the nearest 100 otherwise. Numbers for three local authorities have been suppressed and replaced in the table with a hyphen (-) due to low numbers.

Children: Data Sharing


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