Chancellor Announces Baby Bonds
Gordon Brown announces plans for a government payment of £250 per new baby
11th April 2003
Chancellor Gordon Brown has announced that all babies born from September 2002 will be eligible for a £250 payment from the government to set up an investment or savings fund to mature when the child reaches 18.
Further payments later in the child's life are planned, although the exact details are still unclear at this point.
Parents and family will be able to make further contributions to the fund, the idea being that everyone will have a 'nest egg' to help pay for further education or a first home.
Full details of how the bonds will work are still to be revealed, and it is expected that it will be another 2 years before they become available.
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