The government faces a few problems in the next 12 months when it comes to its strategy for funding care of the elderly. Peter Barnett outlines the twists and turns.
Starting in a bad place both demographically and economically, just how can the government deliver the care people expect and demand within its current austerity programme? Even if it can pull off this huge task, will the financial services industry see value in participating in the ensuing funding mechanisms? The main proposals of the Dilnot Report into a fairer funding system for adult social care, at a predicted cost of £1.7bn to the exchequer, were that an individual’s lifetime contributions towards their social care costs should be capped at £35,000, with a national standard accomm...
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