Last week the Government launched the consultation document Savings and Assets for All, which sets out two savings schemes, including the 'baby bond'.
But the Child Poverty Action Group (CPAG) argued that savings were unlikely to be the main priority of millions of families who need financial support now. CPAG director Martin Barnes said, 'The promise of a cash payment tomorrow does not feed and clothe families today. Many cannot afford lump sum expenses like a pair of shoes, bedding or replacing a pair of trousers. Until poverty is abolished, families will struggle to meet the basics, let alone be able to afford to save.'
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