Cost of raising a child soars to £230,000

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The cost of raising a child to the age of 21 has increased by almost two-thirds over the past decade to around £230,000, a new study has shown.

Research by insurance firm LV= revealed that costs associated with bringing up a child have risen at almost twice the rate of inflation in the past 12 months.

Big increases in the costs of education and childcare are offsetting less spending on toys and food, said the report.

The cost of childcare varies across the UK, with the most expensive in London and the cheapest in Yorkshire & Humberside, said LV.

Myles Rix, of LV=, said: "Having children has never been more expensive and, with costs such as childcare and education continuing to rise, for many families across the UK this is set to remain a pressure point."

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