Chancellor George Osborne has confirmed in parliament that the government will make the contribution to the ISAs, which replace the child trust fund.
Speaking at Treasury question time in the House of Commons, he said: "I know these children face particular challenges and I can tell the House the Department for Education will work with others to make the necessary funding available to ensure we can provide the support they deserve. The sum of money involved will be around £5m."
He added that further details surrounding the junior ISAs and the government’s contribution to children in care would be announced next week.
The move has been backed by children’s charities Barnardo’s and Action for Children, which have been campaigning for government contributions to the ISAs since the abolition of the child trust fund earlier this year.
Register Now to Continue Reading
Thank you for visiting Children & Young People Now and making use of our archive of more than 60,000 expert features, topics hubs, case studies and policy updates. Why not register today and enjoy the following great benefits:
What's Included
-
Free access to 4 subscriber-only articles per month
-
Email newsletter providing advice and guidance across the sector
Already have an account? Sign in here
