Government should not increase taxpayer funding of elderly care
The Shadow MPC votes by narrow five to four margin to hold Bank Rate in July
Funding for Lending Scheme will load the risk of private sector bank lending directly on to the taxpayer
It is not the role of government to be providing loans to people secured on their property
“The government is right to hesitate in capping long-term care costs, a decision that could have been extremely costly and which would have led to ever-greater state regulation of long-term care and also potentially undermined informal care. We should never forget that informal care by family and friends can meet the majority of care needs and, if the government is to provide more care for free, these crucial community networks can be broken down.
“The government’s plan to lend money to the elderly, secured on their homes, has little merit. The government is at risk of doing the precise job that the financial services industry should be doing. It is not the role of government to be providing loans to people secured on their property.”
Notes to editors:
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