Debt management needed to cope with soaring childcare costs
Debt management needed to cope with soaring childcare costs
Monday 15th February 2010
A new Daycare Trust survey reveals a rise in annual childcare costs above the rate of inflation, with the nursery fee for those aged over two years of age rising by 5.1 per cent.
Parents can now expect to pay on average £4,576 per year in England, £4,368 in Scotland, and £4,056 in Wales for 25 hours nursery care per week, for a child under two-years-of-age.
Families in London are facing the biggest costs, up to £11,050 per year for 25 hours of childcare per week, or £22,100 for 50 hours, states the study.
Commenting on the figures, Daycare Trust chief executive Alison Garnham said: "Over the last year, families across the UK have been hit hard by the impact of the recession, with parents facing the strain of losing jobs, having their hours cut back, or facing pay cuts - all of which is compounded further by childcare costs shooting up."
The organisation has outlined a number of policy recommendations for the government to consider.
These include increasing the proportion of help with childcare costs through tax credits to 100 per cent, increasing investment in childcare provision, and increase the provision of out-of-school childcare given the growing number of working parents.
The Independent reports that parents in Britain are still paying on average 70 per cent of the cost of childcare, compared to European parents who pay around 30 per cent.
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