The new childcare deposit loan scheme will help parents pay costs such as registration fees and a month’s deposit, which can be as much as £1,500, according to research by the Citizen’s Advice Bureau.
The interest-free loan is being rolled out to parents working for the Greater London Authority group, including Transport for London from next week, the Metropolitan Police, City Hall and the London Fire Brigade. It has already started in the London Legacy Development Corporation.
The loan will operate in a similar way to a season ticket loan, with parents paying it back through their salaries in 11 instalments.
The mayor is working with single-parent charity Gingerbread, which came up with the idea to support parents to return to the workforce, and is calling on businesses and organisations across London to offer the same scheme to their employees.
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