Parents of young children on the Isle of Wight are estimated to save a combined £7.4million over the coming year following the expansion of government-funded childcare, according to new analysis from Island Labour.
The party says its analysis of Department for Education figures shows there are 926 eligible children aged between 9 months and 2 years on the Isle of Wight.
It estimates parents could collectively save £7,408,000 a year if funded childcare expanded from 15 to 30 hours for eligible working parents.
The national expansion to 30 hours of government-funded childcare was rolled out last September.
Separate research published by the government in March found that funded childcare had cut childcare costs for families in half, with working parents saving an average of £8,000 a year.
According to Coram Family and Childcare’s annual Childcare Survey, the cost of a full-time, 50-hour childcare place for a child under 2 fell by 52% compared with 2024 – from around £305 a week to £149.
The survey also found the cost of a part-time childcare place had fallen back to the same level as 2005.
Island Labour has highlighted the childcare expansion alongside other government measures aimed at reducing costs for families.
Cllr Jock Rafferty, of Island Labour, has said:
“Childcare costs have been too high for too long – but Labour is fighting back. By rolling out 30 hours free childcare to children aged 9 months to 2 years old, we are helping Island parents save an average of £8,000 for each child – that’s a huge help with the cost of living.
“Under Andy Burnham, Labour is working hard to give Island families breathing space as we tackle the cost of living crisis, and to bring back hope. And that’s exactly what we will do.”
