More bad news for Britain’s families: new research shows that the cost of bringing up a child is an eye-watering £143,000.
This piles more pressure on a government that already knows it has to do better to show it’s on the side of families struggling to make ends meet.
Based on what parents say is essential, our report shows the minimum required to raise a child until the age of 18 today is £143,000 (including housing and childcare costs), which averages out at about £150 a week.
The report also reveals that this cost is rising faster than inflation. The rising price of food, water and fuel contribute to this but it is the high cost of childcare in the UK that is the most significant driver of this above-inflation increase. Since 2008, childcare costs have risen by about 30 per cent outside of London and by a staggering 50 per cent in the capital, squeezing family budgets further.
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