Savings Accounts and Health in Pregnancy Grant Bill

Part of Parliament (Amendment) – in the House of Commons at 5:28 pm on 26th October 2010.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 5:28 pm, 26th October 2010

I will not, because I want to continue making progress.

We want to provide people with a clear and simple way of saving for their children, while saving the £500 million a year that we currently spend on child trust funds.

The savings from the child trust fund, the saving gateway and the health in pregnancy grant will allow us to prioritise the limited resources that we have. As the Chancellor set out last week, we have chosen our priorities as we tackle the deficit that we inherited. We are delivering on our commitment that health spending will increase in real terms in each year of this Parliament. We are prioritising long-term growth, creating the conditions for a private sector led recovery. We are also radically reforming public services to build the big society where everyone plays their part.