Access to affordable childcare for children up to the age of 11 would inject more than £13bn into the British economy every year and help reduce the gender pay gap, new research has found.
A report published today by the Institute for Public Policy (IPPR) and Save The Children said a “universal childcare guarantee” would prompt hundreds of thousands of parents to return to work or increase their hours, boosting wages by up to £13bn each year.
It said increased parental working would also enable the Treasury to recoup an extra £8bn a year from increased tax revenues, while creating as many as 130,000 jobs in early years care and education.
