Rachel Reeves LIVE: Chancellor to make massive £500 million announcement
Chancellor Rachel Reeves is launching a £500 million fund to help struggling families and children. The cash could be used to cut truancy, keep young people out of crime or help prepare them for work.
The Better Futures Fund aims to raise cash from local government, social investors, and philanthropists, on top of the government’s funding. Ms Reeveswill launch the initiative today as she visits a school in Wigan.
But it comes at a difficult time for the Chancellor, after Transport Secretary Heidi Alexander dropped heavy hints on Sunday that she will be forced to impose tax rises on the wealthy after spending billions more than planned on benefits. The economy contracted by 0.1% in May and 0.3% in April.
Ms Reeves will tomorrow deliver a major speech setting out some of her plans, known as the Mansion House speech, and some details of this are likely to emerge today.
Follow live updates below:
Ahead of her school visit later today, the Chancellor said: "I got into politics to help children facing the toughest challenges.
"This fund will give hundreds of thousands of children, young people and their families a better chance.
"For too long, these children have been overlooked."
Shadow Chancellor Sir Mel Stride said the Government's plans would "build on the Life Chances Fund - a Conservative policy that supports families and vulnerable children".
He added: "But Labour's jobs tax has pushed up unemployment and prices, trapping more children in workless, struggling homes.
"Labour are taxing work, choking growth, and driving families into hardship.
"Under Kemi Badenoch, the Conservatives back the makers - protecting public finances, supporting working parents, and making sure hard work pays.
"Britain deserves a government that rewards effort, not one that penalises success."
Chancellor Rachel Reeves will launch a new £500 million fund aimed at helping up to 200,000 vulnerable children.
The Better Futures Fund will be used to help struggling and vulnerable youngsters and their families with a variety of problems they face.
This could include early support to tackle challenges such as school absence, mental health issues, addiction and falling into a life of crime.
The fund will run for 10 years, and ministers plan to raise a further £500 million from councils, investors and philanthropists to top up the Government's cash.
The Chancellor will launch the initiative today as she visits a school in Wigan.
express.co.uk
