PENDLE MP Gordon Prentice has backed the baby bond proposed by Chancellor Gordon Brown.
He said the the special Child Trust Fund Accounts, initially worth £250 and available to every child born from September 1 last year, will improve the quality of life for thousands of youngsters from poorer backgrounds across East Lancashire.
The Pendle MP's support comes after a row between Mr Brown and Home Secretary David Blunkett who said the sums involved were too little.
The aim of the new accounts - which will come on stream from April 2005 - is to set up a savings or investment account that the children's families can top up to provide, with interest, a decent nest egg when they reach 18.
Mr Prentice said: "The Government believes the Child Trust Fund will ensure that all children will have a financial asset at the start of their adult lives and will help them understand the benefits of saving and investing.
"I know that this will help many thousands of children in Pendle for very many years to come - although I doubt I will still be an MP when the first claim their savings."
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