NO - Steve Webb, shadow work and pensions secretary, Liberal Democrats
There is no doubt that giving free money to 18-year-olds will be a popular idea. But is it the best way to combat youth poverty? The richest families stand to benefit most from this policy as they will be able to top it up and enjoy what will no doubt be tax-free saving. The poorest families will be left with the basic contributions.
We should be cautious about just how much a pot may be worth at 18. A 500 bond could be worth around 1,200 and a 250 bond around 600. This doesn't really measure up to the spin of a helping hand with tuition fees or enabling young people to afford a mortgage deposit.
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