Councils have had a key role in helping Whitehall monitor the child trust funds (CTFs) of over 21,000 youngsters.
Figures published by the Government on 7 November show that 21,713 children born after 1 September 2002 and taken into local authority care have had their savings arrangements monitored by local officials and HM Revenue and Customs.
Birmingham Council, which is Europe’s largest, tops the list of authorities caring for children with CTF arrangements, with 599 children. Other authorities with large numbers of children in care in possession of CTFs include Lancashire CC (410 children), Manchester Council, (401), Leeds Council (396) and Essex CC (352).
Last year, HM Revenue and Customs opened 3,102 CTFs for looked-after children. Child Trust Funds were set up by Gordon Brown, then the chancellor, in 2002 to ensure all children born in the UK have adequate savings that can be accessed once they turn 18. A spokesman for the Department for Children, Schools and Families said: ‘Local authorities and the Revenue and Customs department have worked tirelessly to ensure that all children, including those in care, receive the benefit of the new system.’
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