The new Chancellor has been blamed for a ‘baby bond’ scheme that has left billions of pounds unclaimed while creating a bonanza for bankers.
In his previous stint as a Treasury minister John Healey was involved in the creation of Child Trust Funds, which put £250 of taxpayers’ money in a savings account for every newborn that they could only access when they turn 18.
He defended the policy in the Commons when he served under Gordon Brown 20 years ago, and was credited with having ‘guided’ it ‘into existence’ by former Downing Street adviser Theo Bertram this week.
But the Government has admitted
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