When I heard the announcement that we had won the 2012 Olympic Games I was delighted.  The Olympics is an exciting opportunity for the UK , creating jobs, attracting visitors and providing inspiration.  But whilst it is pleasing that one of the greatest sporting events in the world is coming to this country concern is growing amongst our local sports clubs about the possible adverse impact of the Olympics on their funding.  Costs to host the 2012 event continue to spiral and there are mounting fears that funds to pay for this increase will come at the expense of our local clubs in the North East.

We all know that not all children have the opportunity to the best start in life financially speaking.  That is why Labour faced this inequality head on with the introduction of the Child Trust Fund.  Every child born after the 1^st September 2002 in receipt of child benefit now receives a £250 voucher to start their own account, with £500 going to children from lower income families.  £250 is in addition awarded when the child reaches the age of 7.  An extra £250 at that time will go to children from less affluent families.  Family and friends have the ability to contribute up to £1,200 per year to the tax free account, meaning in theory the child will have a handy and substantial financial asset with he or she turns 18.