After a month of chaos and confusion for teenagers sitting exams, there is finally some good news for youngsters turning 18 in September.

For the first time these young people will be able the access a cash sum put aside for them by the last Labour Goverment.

The funds were donated to children born between September 2002 and 2 January 2011, as part of the Child Trust Fund scheme.

The Labour Government set up accounts for every newborn, with between £250 and £500 added to encourage parents to help boost their child’s savings account, with top-ups added on their seventh birthday.

9189 accounts were set up in Cambridge.

The scheme was launched in 2005 and was a central part of Labour’s 2001 election manifesto. However, it was scrapped by the coalition government in 2011, when the Liberal Democrats referred to it as “little more than a gimmick”.

Around a quarter of Child Trust Funds were automatically set up by HMRC when parents did not set up the account themselves before their child’s first birthday.

Cambridge MP Daniel Zeichner said: “The Child Trust Fund was designed to give every child the best possible start in life and to create a savings culture. This is the difference having a Labour Government makes. People turning 18 today and for years to come will be the beneficiaries of their foresight and Labour’s determination to make lives better and society fairer. It still really annoys me that the Lib Dems and Tories destroyed a once in a lifetime chance for so many young people.”

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