Catherine Stihler, Scottish Labour MEP

Sir,

The Coalition’s decision to scrap Child Trust Fund payments ‘for all’, irrespective of income, is both alarming and damaging to the lives of millions of parents and children.

Labour’s Child Trust Fund was the world’s first universal savings policy for children.  It was part of Labour’s major drive to tackle child poverty and social exclusion.  We all know the importance of saving for major events – such as our children going off to University or for their first home.  A growing trust fund, after nearly two decades of interest, would have been a major boost for thousands upon thousands of children from low income families.

The fact that 18 out of 23 members of the Coalition cabinet are worth more than a million pounds, seems to answer why the new government have taken such a draconian measure.  It would be interesting to know how many members of the Cabinet – including Cameron – have a Trust Fund themselves?  If it is good enough for them, then why deny the children of low income families.

Yours sincerely,

Catherine Stihler

Labour MEP for Scotland