Cost of health and social care reform will be a "bitter pill to swallow"

Market reactions

John Brazier
clock • 6 min read

Advisers and financial services experts say that the increase National Insurance (NI) tax provides some clarity on social care and NHS issues, but will increase financial vulnerability, especially for younger workers.

Prime Minister Boris Johnson's plans to increase NI payments by 1.25% from April next year have been laid out in full today (7 September) during an address to the House of Commons. In order to raise a desired total of £36 billion in funds to address longstanding issues in the social care sector and the strain put on the NHS by the Covid-19 pandemic, the "health and social care levy" will affect all those earning over £9,678 per year and will include people over the state pension age that are still in work. Alistair Black, head of industry change at abrdn, said that while the decision ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Long Term Care

Reframe Cancer appoints non-exec director

Reframe Cancer appoints non-exec director

Jenni Wilson takes the role

Cameron Roberts
clock 01 November 2024 • 1 min read
Autumn Budget 2024: Protection and health headlines

Autumn Budget 2024: Protection and health headlines

Top talking points

Cameron Roberts
clock 30 October 2024 • 3 min read
Cancer and the mental limbo of waiting

Cancer and the mental limbo of waiting

Support for long-term care

Mark Stephenson
clock 17 October 2024 • 4 min read