CHILD TRUST FUNDS AND FRIENDLY SOCIETIES

Motion Text

That this House notes that of the 1,305,000 Child Trust Fund accounts reported by the Inland Revenue as opened at 5th January 2006, 567,000 have been lodged with friendly societies; recognises that this represents nearly 44 per cent. of all child trust funds to date; further notes that friendly societies are mutual organisations that offer investment and financial protection to people in all walks of life; commends their strong contribution to the delivery of this key policy to develop a regular savings habit among United Kingdom citizens; and calls upon the Government fully to appreciate the important contribution that friendly societies make when targeting tax incentives to encourage savings.