Cost of raising a child surges past £227,000

THE COST of raising a child and supporting them through university has risen by almost £5,000 over the past year to £227,266, according to figures put together by the Centre for Economics and Business Research (CEBR). The research, commissioned by insurer LV, said a seven per cent surge in the cost of childcare for children under one was the biggest contributor to the increase. Parents now spend 28 per cent of their annual income on raising a child, with education (excluding private school costs) the biggest cost.