Clause 27 - Commencement
Child Trust Funds Bill
11:15 am
Ms Ruth Kelly (Financial Secretary, HM Treasury; Bolton West, Labour)
We are committed to publishing that research. The interim evidence from the savings gateway also shows that people on very low incomes have a willingness to set money aside. Survey evidence, which the hon. Gentleman seems to dismiss, suggests a great willingness on the behalf of parents, even in the D and E socio-economic groups, to put money aside for their children for the long term. I would imagine that that is partly because they recognise the significance that such an asset could have for their children at the age of 18.
Those parents may recognise that more than wealthy families, whose children already have significant opportunities at the age of 18. Having a stock of financial assets behind them may not make such a big difference to the children of wealthy families, but a stock of assets will have a profound impact on children in poorer families.
It being twenty-five minutes past Eleven o'clock, The Chairman adjourned the Committee without Question put, pursuant to the Standing Order.
Adjourned till this day at half-past Two o'clock.