Source: Adam Smith Institute
by Madsen Pirie
“Bill Jamieson wrote a Sunday Telegraph story titled ‘Your starter for £1,000’ on 31 December 1995. It discussed the Adam Smith Institute proposal for ‘baby bonds’ or ‘Fortune Accounts.’ When the IPPR copied the idea in 1999, without reference to the ASI’s earlier publication, Jamieson directed them to his 1995 story and published the fact. A version of it was implemented by the Blair government. it was called the Child Trust Fund, launched in 2002 and scrapped in 2010. It would undoubtedly be a very popular policy, were it to be given another go in the way I outline. Each newborn child would have £1,000 put into an investment account in their name, but no withdrawals could be made until age 18. Money paid in by family or friends would be tax-free and contribute to its growth.” (05/08/26)