Childcare loans could get parents back to work, says BCC #earlyyears

The British Chambers of Commerce (BCC) suggests childcare loans could be the answer to getting people back to work after having children.

In Business Manifesto 2014/15: A Business Plan for Britain the BCC says the UK is at “ a fork in the road” where, over the next five years, the choice is either a more confident, more enterprising, more skilled nation or a very real retreat into a slow decline.

The BCC outlines what it believes to be seven essential actions needed to be taken by any government to achieve growth that delivers prosperity.

The report dedicates a section to “Developing the Talents of our Next Generation”, and suggests a Childcare Contribution Scheme (CCS) that could help talented people return to and stay in work.

Similar to a student loan for working parents with children under five, it would be used to pay for childcare and be means tested, with the highest salary in the family being £12,000 or above.

The suggested amount of financial support to be made available is up to £10,000 for working parents to enable access to quality childcare, with repayments then to be made through PAYE, which should allow more businesses to retain and develop staff while they start families.

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jackie hyde