The Labour MP for East Ham told the Labour Party fringe meeting, hosted by think tank Reform and the Lloyds Banking Group, that the funds were part of measures introduced under Labour to encourage saving at an early age.
He told the meeting that when introducing the funds in 2003 the scheme had got cross-party support. "The [child trust funds] were first introduced by Ruth Kelly who then moved on and I became the minister responsible for taking forward the legislation," Timms said. "I was shadowed by George Osborne who strongly supported what we were doing. So I was particularly disappointed when the current government announced it was to stop all government contribution to those funds in the future.
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