Budget 2013: Osborne may permit CTF transfers to Junior ISAs

The Chancellor is expected to offer a lifeline to six million children by allowing savings in child trust funds (CTFs) to be switched into Junior ISAs (JISAs).

George Osborne will make the announcement, which will unlock £4.8bn in CTFs, in his Budget statement later today, The Daily Mail reports. Parents and grandparents contributed thousands of pounds to child trust funds on the back of promises from the last government that they would prove ideal long-term investments for their child. But coalition austerity measures meant the £250 being paid to every newborn to start a fund was stopped and the trust funds scrapped, to be replaced by Junior ISAs with no state contribution, The Mail says. Those with a child trust fund - children born bet...