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Welfare Reform on the Web (July 2009): Social security - UK

What is the future for asset-based welfare?

R. Prabhakar

Public Policy Research, vol.16, 2009, p. 51-56

Britain under New Labour is a world leader in the introduction of asset-based welfare schemes such as the Child Trust Fund and the Saving Gateway. The former provides a modest endowment for all babies born since 2002, while the latter will offer special savings accounts in which every pound saved by low-income individuals attracts matching funds from government. In the light of the impending general election, the author asks what the other main parties would do with asset-based welfare. It is concluded that the schemes would probably continue, but as a way of boosting saving rather than as a basis for equal citizenship.

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