The estimated annual cost of raising the rate of child benefit for the only or oldest qualifying child is shown in the following table:
Increase in weekly rate for eldest child (£) Annual cost (£ billion) 2 0.8 4 1.5 6 2.3 8 3.1 10 3.8 12 4.6 14 5.4
Estimated impacts on child poverty in 2007-08 of raising the rate of child benefit for eldest children is shown in the following table .
Increase in weekly rate for eldest child (£) Estimated reduction in child poverty in 2007-08 (thousand, OECD scale) 2 50 4 150 6 150 8 250 10 300 12 350 14 400
Poverty is assessed as less than 60 per cent of median household income with reference to the modified OECD equivalisation scale; figures are rounded to the nearest 50,000.
[holding answer 4 June 2007]: The amount of financial support that a family will receive between the birth of a child and them leaving education will depend on families’ circumstances and income in each year.
For 2007-08, the maximum amount of financial support from the Child Tax Credit and Child Benefit is £3,330 a year for the first child and £2,475 a year for second and subsequent children, assuming there is no eligibility for disabled child elements or the under-ones family element.