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The cost of having a child has hit an all time high The cost of raising a child has hit an all-time high, according to a new report, heaping pressure on families already coping with cuts to child benefit. Figures from insurer LV='s annual Cost of a Child Report show that the cost of a bringing a child up to the age of 21 has reached £222,458 - more than £4,000 higher than last year and up £82,000 on ten years ago. The insurer estimates that this is set to reach £350,000 by 2023 if costs continue to increase at the same rate. The report will be a further blow for hard-working families ascash-strappedparents continue to struggle with rising household bills and wage freezes and cuts to child benefit. The right to receive the payments, worth £20.30 a week for the first child and £13.40 for further children, was removed earlier this month from households with one earner on a salary of more than £60,000 and reduced for families where one member is paid more than £50,000. The research published today shows costs have risen in all areas over the last decade, except for clothing, down 5pc, with education seeing the biggest increase. As a result, more than three-quarters of parents have been forced to make cutbacks tomake ends meet. According to LV=, more than four in ten arereining inspending on luxuries such as holidays, a third are also cutting back how much they spend onessentialssuch as food. | 
