CFO responds to the Chancellor’s Fiscal Statement
Our Chief Financial Officer, Jim Kane, responds to the Chancellor’s Fiscal Statement:
“Whilst the budget presents some short-term progress for the social care sector, it ultimately fails to address the systemic challenges the social care sector continues to face.
We are pleased that the Government has uplifted benefits in line with inflation, increased the National Living Wage and promised to target focussed support on people who face the biggest cost of living challenges. The investment for social care to help support more people within the community is vital.
However, right now, the sector is facing an unprecedented talent drain – as limited funding results in low pay, driving a 52% increase in vacancies this year. There is much more that we can do to positively impact society, through investment in innovation and infrastructure that can change lives and deliver great efficiency for the public.
Last year, Jeremy Hunt stated that social care needed £7 billion of investment. This year, he has awarded one billion. With rises in National Minimum Wage costing the sector at least £2.3 billion, the sums do not add up and the gap is clear.
We recognise the constraints faced by government at this most difficult of times, but without more cohesive action and greater levels of investment the sector might face its darkest winter yet.”