Chancellor Sajid Javid has been urged to prioritise social care in his first Spending Round next week.
Steven Cameron, of leading life insurance, pensions and asset management provider Aegon, urged the Chancellor to provide a short term boost for social care funding on September 4, ahead of the delivery of a longer term solution for the sector.
The Pensions Director said: “As our society continues to enjoy longer life expectancies, we need to face up to the additional costs of providing essential social care for our elderly. Finding a solution to funding social care is one of our greatest future challenges and must be a priority for Government and individuals alike.
“Repeated delays by the Government to tackle this issue through a promised Green Paper have meant a social care funding solution has been one of the greatest casualties of the Brexit deadlock. The spending round provides an opportunity for the Chancellor to offer some much needed temporary support for local councils struggling to providing care and dignity to a growing numbers of elderly, including those living with dementia.”
Steven highlighted a recent House of Lords committee report calling for a £8bn boost for social care (see House of Lords calls for £8bn rescue for social care).
He added that additional funding must only be a “stop gap” towards the provision of a longer term funding solution that will include a personal contribution from individuals towards their care costs.
”As the Government seeks to move on past Brexit, social care funding must be top of their priority list,” Steven said.
“A fair and stable solution will give people peace of mind around how they will meet their share of costs should they face spending a period of later life needing social care.”
Prime Minister Boris Johnson has pledged to fix the social care crisis. His Government’s policy agenda will be revealed in the Queen’s Speech on 14 October.