Welsh Assembly sets aside £3m to offset the end of the child trust fund

The Welsh Assembly Government has pledged to spend an extra £3m on children in care and young people with disabilities.

The money has been set aside to offset the government’s decision to end the child trust fund.

Deputy minister Huw Lewis said: “Earlier this year the UK coalition government made a decision to end the child trust fund. We have worked hard to find a way of continuing with our top-up but after much consideration it has become clear that it would not be feasible.

“This is very disappointing but we have found new ways to achieve some of the benefits of the child trust fund.”

A transition to adulthood grant will be introduced offering a one-off grant of £500 to care leavers. Each care leaver’s personal adviser will advise them on investment opportunities and how to spend the money.

Lewis also announced that the Families First initiative would be expanded to involve extra funding for children with disabilities.

He added: “By making these changes we will be getting more money directly to frontline resources and helping some of the most vulnerable people in our society.”