Pensions & Social Care

Our elderly deserve to be treated with dignity and respect. For over 20 years the Tories and Labour failed to tackle the issue of Pensions and Social Care. The system is broken and time is running out. Since the 1950s, larger numbers of young people have funded the smaller numbers of elderly through the tax system. But people are living longer and the percentage of over 65s to the working age population has increased. This change has caused a major funding problem for our elderly and long – term sick.

Critical reforms needed in the first 100 days:

 Commence Royal Commission of Inquiry into Social Care System.

A national plan is critical for a sustainable social care system. Collaboration between central government, local authorities, social care providers and home carer support groups is vital to solve the growing challenge. (Flexibility, income tax and VAT breaks are potential factors). Streamlining and simplifying through a single funding stream, not split between NHS ands Local Authorities is essential. Improved regulation is required for this vital service which is part of UK PLC’s infrastructure. Additional funding will be required when a national plan is agreed.

Stop the Offshore Taxpayer Rip Off

Some larger care home providers avoiding tax on hundreds of millions of profits through complex offshore property company structures and high interest shareholder loans. At the same time they pay minimal wages to front line care staff.

Thereafter:

 Review Pension provision.

The current pension system is riddled with complexity, huge cost and poor returns leading to lower pensions. Other nations like Australia do savings and pensions much better and cheaper than we do, from a much younger age.