Tens of thousands of teenagers in the UK who have not yet claimed their matured Child Trust Funds savings could have thousands of pounds waiting for them, reminds HM Revenue and Customs (HMRC).
Child Trust Funds are long-term savings accounts set up for every child born between 1 September 2002 and 2 January 2011. To encourage future saving and start the account, the government provided an initial deposit of at least £250.
The savings accounts mature when the child turns 18 years old. Eligible teenagers, who are aged 18 or over and have yet to access their Child Trust Fund account, could have savings waiting for them worth an average of £2,100.
If teenagers or their parents and guardians already know who their Child Trust Fund provider is, they can contact them directly. This might be a bank, building society or other savings provider.
Many eligible teenagers who have yet to claim their savings might be starting university, apprenticeships or their first job. The lump-sum amount could offer a financial boost at a time when they need it most.
Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said:“Teenagers could have a pot of money waiting for them worth thousands of pounds and not even realise it.
“We want to help you access your savings and the money you’re entitled to. To find out more search ‘Child Trust Fund’ on GOV.UK.”
An estimated 6.3 million Child Trust Fund accounts were set up throughout the duration of the scheme, containing about £9 billion. If a parent or guardian was not able to set up an account for their child, HMRC opened a savings account on the child’s behalf.
Teenagers aged 16 or over can take control of their own Child Trust Fund if they wish, although the funds can only be withdrawn once they turn 18 years old.
Where children have a Child Trust Fund, families can still pay in up to £9,000 a year tax-free. The account matures once the child turns 18 years old and no further money can be deposited. They can either withdraw the funds from the matured Child Trust Fund account or reinvest it into another savings account.
Until the child withdraws or transfers the money, it stays in an account that no-one else has access to.
Scotland’s economy is likely to contract in the second half of 2022, according to researchers at the Fraser of Allander Institute. The Institute’s quarterly Economic Commentary, which includes an assessment of all the key latest data on the UK and Scottish economies, was published last week.
In the Deloitte-sponsored Economic Commentary, the Strathclyde researchers have set out their new forecasts for the Scottish Economy.
The economists are forecasting growth of 3.6% in 2022, followed by a contraction of -0.6% in 2023, before returning to growth in 2024 of 0.8%. This is a significant revision down from the Institute’s previous set of forecasts in June.
The forecasts assume that the last two quarters of the year, and the first quarter of 2023, will show contractions in the economy due to wider economic challenges. This means that Scotland is likely to be entering into a recession (defined as two quarters of negative growth in the economy).
With inflation at a 40-year high, this quarter’s Commentary also includes extensive analysis of the likely impact of price rises on different types of households in the economy.
Professor Mairi Spowage, Director of the Institute, said “The data we analyse in the Commentary today points to weakening demand in the economy as inflationary pressures pervade every aspect of our lives.
“Consumer confidence is starting to weaken with attitudes on the outlook looking pessimistic. This has led us to reduce our forecasts for 2023 and 2024. Our assumption is that there will likely be contractions in the economy during the second half of 2022 and into 2023 given wider economic conditions.
“In practice, this means Scotland is likely to enter a recession.”
Angela Mitchell, senior partner for Deloitte in Scotland, said “There is no doubt that businesses in Scotland face significant challenges over the next few years. Many business leaders have never navigated their business, and its people, through a period of such high inflation and weakening economic activity.
“Charities and public bodies, unable to pass on costs or pivot plans like businesses, are also facing immense pressure. The dual blows of the pandemic and cost-of-living crisis are having a profound impact on the public sector’s spend power, while simultaneously driving huge demand for public services.
“Unlike during the pandemic, however, there is an opportunity to plan and prepare now for the months ahead. Business leaders will naturally want to focus on responding to the most immediate challenges, but they should also consider what they want their business to look like beyond the current challenges. Longer-term thinking, building in resilience and working towards creating an organisation that is fit for the future, will help businesses not only to recover, but to thrive.”
Also in the Commentary in this edition, the researchers have published an analysis of what the UK Government’s fiscal event on Friday 23rd September could mean for Scotland.
The Deputy First Minister has committed to setting out an emergency budget soon after the UK Government’s fiscal event. The announcements made by the UK Government on tax mean that there are resources available to the Scottish Government to either follow suit – or to invest the additional funding in services.
David Eiser, the institute’s Deputy Director, said “The UK Government’s “mini-budget” was anything but mini – the measures announced were very significant.
“The scale of fiscal changes – without any analysis of the sustainability of such measures – has created significant concern in the financial markets.
“The real surprises were on income tax, with significant changes announced for next financial year – albeit some subsequently reversed. Of course, these changes do not apply in Scotland, so it will be up to the Scottish Government to set out its proposed income tax policy for 2023/24 in due course.
“John Swinney has committed to producing an Emergency Budget in late October – although we should probably expect that the decision on income tax will not be set out until the Scottish Draft Budget is published. We now expect the UK Government to present their Medium Term Fiscal Plan and OBR forecasts also in late October, with the Scottish Budget likely to follow before the end of the year.”
This creative table-based workshop is designed to help you learn how we can still our busy minds before approaching everyday tasks and challenges.
This session will help you discover Simran – a focused practice – while making some fascinating creative artworks of your own. Come and enjoy learning new ways to find focus in a busy world and have fun making some creative works with us in a group setting.
Don’t worry if you haven’t done anything like this before. You will gain valuable insights on how to use Simran before any task and use your own phrases to do so – this workshop will show you how.
This is part of a series of creative workshops designed to run alongside the Journey of the Mind exhibition, exploring how Sikh teachings can be used as tools to help anyone.
The Scottish Government has been warned not to ‘abandon’ communities as Scotland’s largest trade union body, equality and anti-poverty organisations launch Scotland’s largest national campaign against the cost-of-living emergency.
Ahead of SNP Conference and as Challenge Poverty Week ends, The Scottish TUC, the Poverty Alliance and groups across the country launched the ‘Scotland Demands Better’ campaign. The campaign outlines the ‘People’s Plan for Action’ demanding nine actions from the Scottish Government to alleviate the crisis.
Demands include increased public sector pay, rent controls, wealth taxes and universal free school meals. The campaign further calls for increased social security payments, doubling the Scottish Child Payment and increasing Carers Allowance payments. The plan follows the STUC and Poverty Alliance joint summit on the cost-of-living crisis earlier this year.
Launching the campaign, STUC General Secretary Roz Foyer and Poverty Alliance Director Peter Kelly have written to the First Minister calling for a joint roundtable meeting to help implement the plan.
Commenting, STUC General Secretary Roz Foyer: “This campaign represents the voices of our communities. Government cannot abandon them in their hour of need and we’re seeking an urgent meeting with the First Minister to directly support workers impacted by this crisis.
“The People’s Plan for Action sets out exactly what we need to see from the Scottish Government. Whilst Westminster remains unwilling and uncaring to help ordinary workers, the Scottish Government must take a different path.
“Increasing public sector pay, accelerating rent controls and implementing wealth taxes gives Scotland’s poorest the lifeline they need to survive this emergency. Poverty and destitution are political choices. Scotland demands better than the devastation and hardship wilfully inflicted upon our most in need.”
Peter Kelly, director of the Poverty Alliance, said: “We want to put justice and compassion back at the heart of public life in Scotland – so we can build support for practical action to tackle poverty.
“With this plan, we can start to rebuild and renew our social security, boost incomes for workers, invest in the public services we all rely on, and give people the urgent help they need with rocketing costs.
“This crisis is a moment for decision for all of us – and especially our politicians. We can create a better Scotland where poverty is a thing of the past.”
To tackle the cost of living for the people of Scotland, we demand the following –
1. A real pay rise for all public service workers
2. A social security system that loosens the grip of poverty
3. Warm homes, through municipal energy companies
4. Sustained action to tackle rent costs
5. Share the wealth, through income, wealth and business taxes
TODAY (Monday 10 October) marks World Homeless Day, which highlights the issues facing many people without a permanent home in our communities.
With the cost of living rising, we want to raise awareness of the help we have available and what we are doing to increase our impact.
Prevention is better than a cure
The best way to tackle homelessness is to stop it from happening in the first place and to help as many people as we can before they find themselves at risk of losing their home.
We’re looking ahead to this winter and putting plans in place to help those at risk of fuel poverty, with a dedicated cost of living directory, and we’re working with Changeworks as we do every year, so that support is available to make homes warmer and more energy efficient.
Our Rapid Rehousing Transition Plan steps up activity to prevent homelessness, maximises our supply of and access to settled housing options, reduces the time people spend as homeless, especially in temporary accommodation, and helps us to provide tailored support as and when people need it. It is a five-year plan which prioritises prevention and directs every decision we make to improve the homelessness services we provide.
24/7 help and advice
Despite working to prevent homelessness, sudden events, life changes or circumstances can lead to someone losing their home or rough sleeping unexpectedly. We have an emergency out of hours service which can be contacted at any time on 0800 032 5968.
We will provide a housing options interview to anyone at risk of becoming homeless within the next 56 days with the aim of stopping each person from losing their home, giving advice on housing options and involving other agencies who can help.
Streetwork is a charity that supports people who are homeless in Edinburgh. Their team is out on the streets every day and night, helping people to resolve their homelessness as quickly as possible. Anyone can contact Streetwork if they are worried about someone they think is homeless, on 0808 178 2323 or at streetteam@streetwork.org.uk.
Streetwork will go out to find the person to offer them support.
The Scottish Government has imposed a nationwide rent freeze until March 2023 to help with the cost of living crisis. Yet, Edinburgh still experiences some of the highest private sector rents in Europe.
That’s why we’ve created a dedicated team tasked with reducing the number of people who become homeless from the private rented sector. By the end of March 2022, this team has supported 100 homeless households to access a settled home in the private rented sector or in mid-market rent properties – preventing homelessness for 240 households by helping them to remain in their current private rental tenancy, or by supporting them to access a new home in a private rented sector or mid-market rent property.
Early intervention for Council tenants
We’ve frozen rents for Council tenants for two years running and Councillors are considering extending this for another year.
We’ve carried out an early intervention pilot project to identify and support Council tenants who are at serious risk of court or eviction action from failing to pay rents, but who have been difficult to engage with. Over the course of the pilot, 49% of household referrals engaged with the service and remain in their home and now we will seek to develop the service further.
Tailored help at the hardest of times
We’re developing pathways to avoid homelessness for people at key transition points in their life – such as leaving hospital or prison or fleeing domestic abuse – and have specialist support in place for anyone at these junctures.
In 2020 we adopted a new Domestic Abuse Housing Policy which aims to give people affected by domestic abuse access a range of housing options. It prioritises, where possible, those subjected to abuse safely staying where they are or moving quickly and with strong support into a safer space.
Breaking the cycle of repeated homelessness
Experiencing homeless is a hugely stressful and challenging event for anyone. Often there are complex reasons why a person returns to homelessness. We work with our partners like NHS Lothian, Streetwork, Shelter and Bethany to offer mental health, addiction and other help to try and break the cycle.
Providing a home is just one aspect of combatting homelessness. Helping people to access financial support, set up a bank account, find employment, access the internet, and participate in community life are all ways which can support independence and stability. We work with partners in the third sector to provide this help.
Edinburgh Help to Rent is a scheme to help homeless households’ access and keep a private rented tenancy in Edinburgh. The scheme provides a rent deposit guarantee bond and offers rent in advance, as well as furniture, and access to support if needed. This service is delivered by Crisis and 138 bonds have been issued to households over the course of the project so far, with 38 issued in the year to March 2022.
Better support for people experiencing homelessness
We have been delivering a scheme called Housing First since November 2018. It provides ordinary, settled housing with separate wrap-around support for people with the most complex of needs. As of 31 March 2022 we had a tenancy sustainment rate of 80% and support has been provided for a total of 153 households.
Delivered by Simon Community Scotland / Streetwork, these interim measures will be in place until the end of March 2023, when we’ll commission Visiting Housing Support – an improved one stop service which will include support for people in receipt of housing first, people currently receiving support from the complex needs service and people who currently receive support from the locality visiting housing support services.
Additional support for young people
We provide a homelessness prevention service and advice on housing options for young people who are homeless or at risk of becoming homeless and are 16 or 17 years old, or under 21 and have been looked after by us. Likewise, special support is available for people with significant support needs.
For young people who are leaving or recently left our care, they are supported to find appropriate, sustainable accommodation. It is a transition to live independently, and we work with young people to create a Pathway Plan.
We’ve also committed to developing proposals for a youth housing hub, a physical hub providing co-location of core services and hosting for wider relevant services for young people experiencing or at risk of homelessness.
Services provided would include statutory services, employability, housing support, health services, advice and welfare services. A feasibility study has been completed and a draft implementation plan is being taken forward.
Moving people through the system quicker
With demand for housing so high in Edinburgh, many people face long waiting times for a suitable home which best meets their needs. People can also feel unsure about the bidding process.
To help us speed up the system, we’ve recruited 28 additional officers including 10 new Housing Assistants and a Supervisor. These posts are part of a recently formed transformation team in Homelessness Prevention and Housing Options who are supporting the work to reduce the number of households in temporary accommodation.
Our Housing Assistants provide practical help ensuring people understand the bidding process, get support with bidding as required and provide feedback on bids. They re-enforce Housing Options advice. At the end of March 2022, among other positive outcomes, the Housing Assistants’ interventions resulted in 892 case closures and 87 homeless households accepting suitable offers of settled accommodation as a direct result of bidding feedback.
Improving our accommodation
It is no secret that Edinburgh faces a severe social housing shortage and demand for new housing. In the face of these challenges, we are working hard to improve the type and amount of temporary accommodation we have to offer, and we’re doing this through some innovative ways.
Private Sector Leasing (PSL)
PSL provides self-contained flats leased from private landlords. The new contract we introduced in 2020 linked rates we can offer to local market rates within Edinburgh. This has allowed more competitive rates to and take up from landlords. At the end of March 2022 there were 1,747 PSL properties, which is an increase of 163 properties compared to the year previous.
Home Share
This is a form of temporary accommodation where three to five people live together in a furnished home in the community. This accommodation has received positive feedback from residents, the number of Home Share properties we’re offering has increased from 6 properties and 26 residents in March 2020 to 17 properties and 55 residents across the city by 31 March 2022.
Temporary Furnished Flats (TFF)
We have a plan to increase our stock of these flats as quickly as possible and reduce the amount of emergency accommodation we use. The Covid-19 pandemic impacted on the delivery of this initiative but work has now fully commenced again.
Development of gap homes
Officers are identifying potential gap sites, small suitable areas of land in Council ownership, which could be used to build temporary accommodation through modular construction methods that meets the needs of service users.
Support for refugees
Since the outbreak of war in Ukraine, we’ve welcomed thousands of Ukrainian refugees through Edinburgh, providing similar homelessness support to anyone without a permanent home in this city. While most Ukrainian people settled here are on Government schemes, we are also aiding temporary accommodation and support into employment, to receive benefits and with household items.
Social homes
We have a rehousing target of a minimum of 50% of Registered Social Landlords (RSL) lets, both new build and existing, being allocated to homeless households. The target for Council social lets is a minimum of 70%, which means many homes which become available are prioritised to people who have been experiencing homelessness.
As part of our housebuilding plans, we are also committed to building new Council homes within 10 years, and to ‘retrofitting’ thousands of existing homes to bring them up to a newbuild standard.
Commenting, Councillor Jane Meagher, Housing Homelessness and Fair Work Convener said:“It takes a whole society to work together to help people who face homelessness and prevent families from losing their homes.
“This World Homeless Day I’m so grateful to the many officers, third sector organisations, partners and volunteers in our city who work day and night to help people in desperate need.
“The daily pressures facing people experiencing homelessness are unimaginable for most. No one should have to experience the stress of not having a safe and permanent home.
“Sadly, after the pandemic we’re starting to see numbers of homeless cases gradually rise again – highlighting just how important and urgent it is that people understand the help which exists.
“Particularly in light of the cost of living crisis this winter, we are focusing our efforts on prevention and helping people to stay in their current homes, given the many difficulties households face.
“Edinburgh is a growing city and we face housing pressures like nowhere else in Scotland. With the lowest proportion of social housing in the country and the biggest, most expensive, private rented sector, the current economic climate is of concern.
“That said, the Council and the city has made huge strides in recent years. There are changes which I think are making a truly positive impact and will make a great difference in the long term. Lots of work has taken place to tackle root causes and recurring issues when it comes to homelessness in our city, and that’s clear to see. Together, we’re committed to keeping the momentum going as we face the cost of living challenges ahead of us.”
