Hull North MP Diana Johnson has welcomed a "quiet revolution" in the way the nation saves for its children as parents take out Child Trust Funds.
New figures show that nearly three in four families have taken up Labour's Child Trust Fund, with 72 per cent of the earliest baby bonds issued so far being used by parents to open a Child Trust Fund account.
Commenting on the figures, Diana Johnson MP said: "Labour's Child Trust Fund has clearly kick-started a quiet revolution in the way Britain saves for its children.
"Baby bonds were opposed by the Lib Dems, who called them a 'gimmick'. However, they are strengthening the saving habit of future generations and, for the first time in history, giving every child access to a financial asset at the age of 18. Baby bonds are just one of Labour's policies to give every local child the best possible start in life and a better chance to fulfil their potential, regardless of their background.
"I am keen to ensure that everyone makes the most of the baby bonds and would encourage all parents to use their vouchers. More information on the scheme is available from the child trust fund helpline 0845 302 1470.
"This help for children, which has already benefited almost 1.5 million families, would never have happened if the Lib Dems had their way."
Ivan Lewis, Financial Secretary to the Treasury, said: "These figures are welcome news. However, there are still parents that have not felt able to open a Child Trust Fund account for one reason or another. Over the coming months, I will be working to ensure that Child Trust Fund information and support is given to those families in ways that suit them, including face to face communication, direct mail, advertising and websites. I know that Labour MPs will campaign with me to help even more parents save for their children."