Over the next few months, Britain's two million children born on or after 1 September 2002 will receive a voucher worth at least 250 to invest in a Child Trust Fund (CTF). An additional 250 payment will be made to children from lower income families.
The vouchers can be used to open a savings account with one of 75 official providers and distributors named by Mr Brown and children's minister Margaret Hodge. Providers who have signed up to offer the funds include Abbey National PEP & ISA Managers, Britannia Building Society and Nat West.
Boots the Chemist, Barclays Bank, Lloyds TSB and Mothercare are among the 46 distributors.
Mr Brown said, 'The CTF is designed to ensure that every child in our country has assets and wealth and that no child is left out and all children in Britain have a stake in the wealth of the nation.
'Today's list of 75 providers and distributors provides a powerful symbol that a wide range of firms, from small to friendly societies to some of the largest institutions in the country, share this Government's vision for a strengthened savings culture.'
The money, which cannot be accessed until the child is 18 years old, can be topped up with additional tax-free payments of up to 1,200 a year from family and friends.
The Government has also pledged to make a further contribution to each child's fund when they reach age seven. It is currently consulting on offering a universal payment of 250, or 500 for children from low-income families.
For more information see www.childtrustfund.gov.uk.
