I managed to fix the issue. Although I had turned the firewall off in Sophos, it really was not "off". I had to go into msconfig in the servies tab and disable the Sophos firewall. Minecraft works! And it also fixed my internet browser issues. Hope this helps others.
I have Sophos and I have disabled Sophos firewall and computer firewall. I also went into the settings and added minecraft and java as a trusted app. Still cannot create a new world! Still get the "Failed to create child loop". Any more ideas??
I managed to fix the issue. Although I had turned the firewall off in Sophos, it really was not "off". I had to go into msconfig in the servies tab and disable the Sophos firewall. Minecraft works! And it also fixed my internet browser issues. Hope this helps others.