Parents will also be able to deposit up to €2,000 of their own money each year, and the annual interest rate on this account will be around 4%. This means that by the time the child turns 18 there will be more than 53,300 euros in the account.

Campaigners and other political parties said the measure would further increase inequality as setting aside money was not an option for tens of thousands of families struggling to pay daily expenses.

Michelle Murphy, research and policy analyst at Social Justice Ireland, said: “With 264,000 children currently experiencing immorality, this plan will do nothing to solve this fundamental problem.”

Focus Ireland campaign coordinator Louise Bayliss also expressed anger at the proposal, saying “none of it makes any sense” and that it “glorifies inequality”.

Pointing out that there are currently 4,571 children in emergency accommodation, he said the €75 million allocated for the plan should be invested in other measures to prevent poverty.

Taoiseach Simon Harris admitted that those rich enough to put money aside were already saving, but said he hoped the new scheme would “encourage a culture of savings and prepare for the future”.

Sinn Féin leader Mary Lou McDonald said the average family did not have “much income to invest in such a scheme” and that the scheme would prioritize those who were better off.

Meanwhile, Mr Harris said he would continue to support Fine Gael. Senator John McGahon The person determined by the Supreme Court to be legally responsible for the attack.

It comes after photos were released over the weekend showing the extent of facial injuries suffered by Breen White following the attack in 2018.