New figures from Island Labour reveal local parents are set to save an estimated £7.4million over the coming school year thanks to government childcare support after the funded childcare entitlement for eligible working parents of children aged nine months to two doubled from 15 to 30 hours last September. The analysis, based on the latest DfE figures, reveals the total saving for the parents of 926 children aged 9 months to 2 years old on the Isle of Wight.
Research has found government-funded childcare has cut costs on childcare for families in half, with working parents now saving an average of £8,000 a year.
According to Coram Family and Childcare’s annual Childcare Survey, costs of a part-time childcare place have now dropped back to the same level as 2005 – reversing more than two decades of rising costs in just two years and giving more children the very best start in life.
The Coram report finds that the cost of a full-time (50-hour) place for a child under two has fallen by 52% compared to 2024 – from around £305 per week to £149.
Andy Burnham’s Labour government is bearing down on the cost of living for families – lifting the two child cap, expanding free school meals, rolling out free breakfast clubs as well as providing 30 hours of funded childcare.
Island Labour’s Cllr Jock Rafferty said,
“Childcare costs have been too high for too long – but Labour is fighting back. By rolling out 30 hours free childcare to children aged 9 months to 2 years old, we are helping Island parents save an average of £8,000 for each child – that’s a huge help with the cost of living.
“Under Andy Burnham, Labour is working hard to give Island families breathing space as we tackle the cost of living crisis, and to bring back hope. And that’s exactly what we will do.”
ENDS
Notes to Editors
New research has found government-funded childcare has cut costs on childcare for families in half, with working parents now saving an average of £8,000 a year.
https://www.gov.uk/government/
There are 926 eligible 9 month to 2 year olds on the Isle of Wight – saving an estimated £7,408,000 per year thanks to the expansion of 30 hours free childcare.