Parents 'to get £1,200 a year for childcare'

Parents will receive up to £1,200 a year towards their childcare costs from 2015, according to reports.

The pledge will reportedly only apply to families in which both parents work and earn less than £150,000 a year.

The payment is part of a £1.4 billion investment in childcare and will be partly funded by the abolition of childcare vouchers.

It has taken four months for a deal to be reached after the Government pledged to help with childcare costs in January.

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£1,200 childcare cost pledge

Families are to receive up to £1,200 a year towards childcare costs from 2015. The pledge will reportedly only apply to families in which both parents work and earn less than £150,000 a year. The Budget will be announced on Wednesday.