Every child to get 1,000 pot to invest in plan to revive 'stagnant' economy

Every child could receive a pot of 1,000 at birth to be channelled into long-term investments in UK growth under proposals to revive a stagnant economy.

The idea of a New Generation Trust is raised as part of a package of reforms that could add 225billion to the economy, according to a report by the City of London Corporation.

It revives memories of the child trust fund scheme launched by Gordon Brown two decades ago, later scrapped by George Osborne.

The report suggests: The investments would be inaccessible until adulthood, when they would be automatically invested in an individual savings account (ISA) or DC [defined contribution] pension.