Fantastic news for new fathers-to-be.
Today Ed Miliband announced that Labour would double the time new Dads can take off for paid paternity leave from the current 2 weeks to 4 weeks under a Labour Government.
Better still, they'd get £260 a week for each of those 4 weeks instead of the £140 a week they get now.
How would we fund it? Well that's the genius. Labour has already announced that we'll extend the amount of free childcare for parents of 3 and 4 year olds from 15 hours currently up to a new 25 hours a week entitlement. That policy actually saves the Government money normally spent paying those families tax credits to help them pay for childcare so this new policy of extended paternity leave is actually paid out of the money Government would save from extending free childcare!
The free childcare itself pays for itself as more parents are able to either go back to work or work longer hours than they currently do thus bringing in bigger income tax and National Insurance revenues and reducing the amount of tax credits paid out even further! That's the progressive way to cut the deficit and boost family incomes at the same time.