Child Trust Funds go unclaimed, rising fuel margins raises concerns and Digital IDs are set to be launched
We continue the week by reminding young people born between 2002 and 2011 to claim their Child Trust Funds, the CMA raises concerns over rising fuel margins and Labour announces plans to introduce Digital IDs for workers – what are your thoughts?
Could Your Child Be Sitting on £2,000 Without Knowing It?
New figures show that more than 750,000 young people haven’t claimed their matured Child Trust Funds – savings pots worth an average of £2,242 each.
If your children, employees, or even apprentices are aged between 18 and 23, there’s a good chance some of them could be sitting on money they don’t know about.
What is a Child Trust Fund?
Child Trust Funds (CTFs) were set up by the government for children born between 1 September 2002 and 2 January 2011. Each account started with a government deposit of at least £250, and many families topped them up over the years.
The accounts are tax-free, and once the child turns 18, the money becomes theirs. They can either withdraw it or reinvest it.
Why so many are unclaimed
When the scheme was running, if parents didn’t open an account, the government did it for them. Now, according to HMRC, 758,000 accounts are sitting unclaimed.
September is the most common birth month so there is a new wave of 18-year-olds who have just become eligible to claim their savings pot.
How to find out if you’ve got one
If you already know who the provider is, you can contact them directly. If not, there’s a locator tool on GOV.UK – it takes a few minutes to submit a request, and you’ll usually hear back within three weeks.
You’ll need the young person’s National Insurance number and date of birth when using the tool.
A quick reminder for business owners
If you employ young people in this age group, it might be worth mentioning this to them. Some may not know they might have a CTF waiting. A quick word could genuinely make a difference to their finances – and they’ll likely remember you helped point them in the right direction.
See: https://www.gov.uk/government/news/savings-stash-worth-thousands-waiting-for-758000-young-people
CMA Flags Concerns Over Rising Fuel Margins
The Competition and Markets Authority (CMA) has published its latest monitoring report on fuel prices, highlighting increases in both pump prices and retailer margins.
Between May and August 2025, the average price of petrol rose to 133.9 pence per litre (ppl) and diesel climbed to 141.9ppl. That’s up by 1.9ppl and 3.5ppl respectively.
While global oil markets explain part of the increase, the CMA is more concerned about retailers holding onto higher profits at the pump.
Margins far above historic levels
The CMA found that:
- Supermarket fuel margins (the difference between selling price and what the supermarket pays for fuel) averaged 8.4% for the first half of 2025 – more than double the 4% level seen in 2017.
- Non-supermarket retailers saw an average margin of 9.8% for the same period, compared with 6.4% in 2017.
Dan Turnbull, Senior Director of Markets at the CMA, said: “What’s deeply concerning is that fuel margins – a key indicator of retailer profit – remain far above historic levels.”
In fairness, the monitoring report doesn’t look at how operating costs have changed for retailers. So, CMA will be carrying out a full review of retailers’ operating costs in its first annual road fuel monitoring report, which is due to be published at the end of 2025. This will allow the CMA to assess whether rising costs explain some of the increase, or whether retailers are simply enjoying fatter profits.
Retail spreads remain high
The CMA also looked at “retail spreads” – the average price drivers pay at the pump compared to the benchmark price at which retailers buy the fuel.
- Retail spreads for petrol averaged 13.3ppl between June and August, lower than the spring period but still double the 2015–2019 average of 6.5ppl.
- Diesel spreads also averaged 13.3ppl, well above the long-term average of 8.6ppl.
Fuel Finder scheme coming
Following a recommendation made by the CMA in its 2023 road fuel market study, the government is planning to launch its new Fuel Finder scheme by the end of the year. This will allow drivers to compare real-time fuel prices via navigation apps, in-car devices and comparison websites.
Increased transparency in pricing may push retailers to be more competitive in their pricing and help bring margins back down.
What’s next
The next major CMA report is due at the end of 2025 and will provide a deeper look at retailers’ operating costs. In the meantime, businesses and drivers alike will be watching closely to see whether the Fuel Finder scheme makes a dent in the high margins and helps bring more competition back to the pump.
To review the report in full, see: https://www.gov.uk/government/publications/road-fuel-quarterly-update-report-september-2025
Digital ID to Become Mandatory for Right to Work Checks
The government has announced its plan to introduce a new digital ID scheme, which will become the standard way to complete Right to Work checks by the end of the current Parliament.
The digital ID will be available to all UK citizens and legal residents and will be stored securely on mobile phones in the same way as the NHS App or contactless payment methods.
The new system should make compliance simpler for employers carrying out Right to Work checks. Guidance will follow as the roll-out progresses, with a consultation later this year to help shape how the service works.
The government has confirmed there will be options for people unable to use smartphones, and security will be built in through encryption and authentication technology.
For now, employers should watch for updates and prepare for digital checks becoming mandatory. See: https://www.gov.uk/government/news/new-digital-id-scheme-to-be-rolled-out-across-uk