In response to Labour and Liberal Democrat manifesto policy announcements to improve support for childcare costs for parents, Becky O’Connor, personal finance specialist at Royal London, said:
“The opposition parties have shown they are alert to the importance of affordable childcare to working parents, with proposals worth thousands of pounds.
“So far, the Liberal Democrat proposals would make the largest dent in childcare costs for working parents followed by those of the Labour party. Both packages would make childcare more affordable but any proposal in this area needs to be backed up with adequate government funding, so that nurseries can deliver good quality childcare at the price parents are expecting to pay.”
Labour on childcare funding:
“We will also extend paid maternity leave to 12 months. Within five years, all 2, 3 and 4-year olds will be entitled to 30 hours of free preschool education per week and access to additional hours at affordable, subsidised rates staggered with incomes. Labour will also work to extend childcare provision for 1-year-olds and to ensure that childcare provision accommodates the working patterns of all parents.”
The Labour party proposals outlined in the manifesto on childcare support funding are worth £10,000 approx. to full-time, working parents throughout the early years.
Lib Dems on childcare funding:
“Offer free, high-quality childcare for every child aged two to four and children aged between nine and 24 months where their parents or guardians are in work: 35 hours a week, 48 weeks a year”
The Liberal Democrat proposals outlined in this manifesto are worth £21,000 approx. to full-time, working parents throughout the early years.
About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.