Other announcements for your finances

New childcare scheme

A new childcare scheme is to be introduced to support working families with their childcare costs. For childcare costs of up to £6,000 per year, support of 20 per cent will be available worth up to £1,200. From the first year of operation, all children under five will be eligible and the scheme will build up over time to include children under 12.

The scheme will provide support for some families where all parents are in work and not receiving support through tax credits or universal credit and where neither parent earns over £150,000 a year.

The new scheme will be phased in from autumn 2015 as the current system of Employer Supported Childcare will be phased out for new applicants from autumn 2015.