Osborne plans to cut child trust funds

Speaking at the party conference in Manchester today, Shadow Chancellor George Osborne says a Tory government would limit the availability of CTFs to only the poorest people. The CTF, launched by the Government in 2002, gives families a £250 voucher when a child is born, to be invested in an approved savings vehicle until the child is 18. Returns on the investment are tax free, and poor families can qualify for an additional £250 voucher. Osbourne says he wants to cut the availability of CTFs to just the poorest third of the population to help plug holes in the UK's finances. He a...