Children in Care: Individual Savings Accounts

Education written question – answered at on 17 January 2012.

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Photo of Jo Swinson Jo Swinson Liberal Democrat, East Dunbartonshire

To ask the Secretary of State for Education what funding his Department has allocated to support junior ISAs for looked-after children; and if he will make a statement.

Photo of Tim Loughton Tim Loughton The Parliamentary Under-Secretary of State for Education

holding answer 12 January 2012

The Government have already announced its intention to provide a payment, into a Junior ISA, of £200 for every child looked after for 12 months or more and not previously eligible for a Child Trust Fund. These payments are expected to cost some £16.7 million over the period April 2012 to March 2015. The Department for Education is currently considering bids to operate the scheme. The appointed supplier will also seek to raise additional funds for these accounts from charitable sources.

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