James Cunningham

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COVENTRY PARENTS URGED TO USE CHILD TRUST FUND

COVENTRY parents were today urged to use their Child Trust Fund vouchers to ensure their children have savings behind them when they reach 18.
Jim Cunningham, Labour MP for Coventry South, made the call as the first-ever Child Trust Fund Week opens today.
He is urging parents to use their £250 vouchers to open an account and ask friends and family to use the account to build a nest egg for the child’s future.
New figures published this month show that in Mr Cunningham’s Coventry South constituency, 4,198 Child Trust Fund vouchers have been issued to parents.
A total of 2,725 savings accounts have already been opened by parents themselves.
The remaining 1,473 are still to be opened or will be automatically opened by HM Revenue & Customs if the vouchers are not used after 12 months, to ensure no child loses out.
Mr Cunningham said: “The Child Trust Fund is a great way for Coventry parents to save for a child’s future.
“All parents with children born since September 2002 will have received a £250 voucher to get an account started.
“The Government will add an extra £250 for families on lower incomes, and there will be further top-ups when children reach the age of 7.
“I’m pleased that 2,725 parents in Coventry South have already opened an account for their child, but I want to encourage all eligible parents to open an account and get friends, family, grandparents and the whole family involved.”