Parents set to fork out billions this Autumn

This autumn is set to be an expensive one for parents who will fork out almost £1 billion to ensure their children are looked after, according to new research.

A report by Co-operative Investments said that the cost of days out, treats, holidays and childcare will run into hundreds of pounds per child.

Zack Hocking, head of investments at Co-operative Investments, said that despite the recession and difficulties faced by parents trying to get credit, they are still willing to spend during the half term break.

He said: "Despite the difficult economic situation the research has clearly shown that parents are still willing to spend this half term break and the economy is set to receive nearly £1 billion boost over the next week."

The news comes after research by Egg, the internet bank, reveal that 77 per cent of parents admitted spending more than they can afford on entertaining children during school holidays.