Oral Answers to Questions

Debate between Bambos Charalambous and Lucy Rigby

Tuesday 3rd November 2026 Commons Chamber

[Bambos Charalambous (Southgate and Wood Green) (Lab)]

11. What estimate he has made of the number of child trust funds received by intended beneficiaries.

[The Economic Secretary to the Treasury (Lucy Rigby)]

The last Labour Government introduced child trust funds with the intention that every child in the country could access a financial asset as they entered adulthood. Almost 3 million young people have already accessed their funds, currently containing an average of £2,600 each. Today, we are announcing that we are making fund access simpler for those who lack mental capacity, meaning that tens of thousands more young people will benefit from their funds. I thank my hon. Friend for his campaigning alongside my hon. Friend the Member for Hyndburn (Sarah Smith) in particular; I know they both care deeply about this issue.

[Bambos Charalambous]

I congratulate the Minister on her announcement, which will enable over 120,000 young people who lack capacity to access their child trust funds. That will make a huge difference to them. As she is aware, there are an estimated 800,000 unclaimed child trust funds, worth approximately £1.3 billion. What steps is she taking to enable those young people, who often are unaware of the existence of those funds, to access them? Will she work with the Share Foundation to find a long-term solution?