Record number of UK care homes declared insolvent

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Northerner

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A record number of care home businesses failed last year as the financial pressure on social care in Britain took its toll. New government figures show that 75 care home businesses were declared insolvent in 2016, up from 74 the previous year.

The failures mean that in total 421 care home businesses have collapsed since 2010. The figures cover nursing homes, homes for the elderly, residential care activities for learning disabilities, mental health, and substance abuse. FRP Advisory, the consultancy firm, said that care homes were the only industry in the UK to have suffered from rising insolvencies over the last seven years.

Care homes are under pressure because local authorities have cut contributions for residents, while costs – particularly staff overheads – have been rising. Philip Hammond, the chancellor, announced in the March budget that an extra £2bn of funding would be granted to social care in England over the next three years.

https://www.theguardian.com/society...-record-number-of-uk-homes-declared-insolvent
 
It would need £2bn every year for three years. What he announced sounds impressive, but most certainly isn't. Smoke and mirrors accounting yet again.
 
Take the money from the DfId [foreign aid] budget
 
mikeyB said:
It would need £2bn every year for three years. What he announced sounds impressive, but most certainly isn't. Smoke and mirrors accounting yet again.
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Its a shame someone spent all the money is it not. It was not that long ago 🙂
 
All of Social care is in crisis, other half works for a housing association at a hostel for the homeless and waiting to hear if they are included in the 'decommissioning of services' programme. I work for my local authority in children's residential care, the cuts we are facing are unprecedented, very worrying times :(
 
I have concerns about inheritance tax as most of those leaving property purchased it as a family home rather than an investment and I believe that the inland revenue give only a very short window of time before they demand payment- and tough luck if the beneficiary cannot sell the property in time. My other half is likely in the next few years to be left in a very difficult predicament due to this-worried he will potentially be facing bankruptcy as a result.In my opinion the injustice is massively inflated house prices in the first place
I am however very concerned about cuts and tax evasion/ avoidance/ tax cuts for those who can afford to pay more
 
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