Babies born this weekend will be the last in the UK to receive the full payment to Child Trust Funds, the BBC News website reports today.
Vouchers for £250 from the government - to be invested until the child is 18 - will be paid until Monday, when payments will fall to £50, or £100 for low-income families. The top-up of £250 given on a child's 7th birthday has already been scrapped in England.
The scheme will be abolished at the end of the year, prompting critics to accuse the government of short-termism. The government says the vouchers are essentially funded by public borrowing, and cutting the scheme will save £320 million in 2010 and 2011 alone.
Thank goodness new research shows it is now OK for mothers to go out to work without damaging their children's futures then, isn't it...
