Section: Care & Support

Media Watch: The great social care gold rush

Posted 13.09.21
Byline Times: Further reading

This article by Katharine Quarmby and Sian Norris in Byline Times takes a close look at the suggestion that hedge funds and private investors are distorting the 'market' of people in need.

It comes in the wake of Prime Minister Boris Johnson's announcement of an increase in national insurance contributions from workers - including those who are of pensionable age - to help finance the social care needs of older and disabled people.

Critics have pointed to the two years since a plan was promised by the PM and his manifesto pledge to not increase NI contribution levels.

It has also not gone unnoticed that initially, increases in NI will fund the NHS and the social care budgets will will have to wait three years to reap any benefits.

What makes this article of particular interest is its observations on the growth of private investment in the social care sector. It cites a recent report by the National Audit Office, which found that 76% of care homes for older adults and people with dementia are run for profit.

The article also looks at the 'impressive' profits of some care providers in the private sector and the high salaries afforded some senior directors.

It also comments on how some of those large profit organisations have more than double the national average of homes that have been found to 'require improvements'.

Understandably, there will be different views on measures announced to deal with the long-standing social care funding crisis. That said, this article is well worth adding to the read list.

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Reporting on September 2021

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