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Social care funding once again falls short

Responding to today’s Spending Round, delivered by the Chancellor of the Exchequer, John Taylor, President of the Institute and Faculty of Actuaries (IFoA), said:

“The government has failed, yet again, to set out a long term plan for social care funding. The £1.5 billion in new funding announced in today’s Spending Round will provide little respite for local authorities, falling well short of the funding needed to properly address the long-term sustainability of the system.

“The social care green paper, hailed as the blue print to fix the system, was due to be published over two years ago. It has been pushed back several times and there’s still no commitment to its publication. We would urge this government to provide and stick to a realistic timetable to address the deep-seated issues in the social care system.”

~ENDS~

Contact

Sonia Sequeira, Media Relations Manager, IFoA

Tel: 07525 592 198

Email: sonia.sequeira@actuaries.org.uk

About the Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.

Research undertaken by the IFoA is not commercial.  As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest. 

Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.

Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s of London.

Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.

The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.

Contact Details

For all media queries please contact Sonia Sequeira, Media Relations Manager

sonia.sequeira@actuaries.org.uk

+44 (0) 20 7632 2126

For out of hours, the Press Office can be contacted at: press.office@actuaries.org.uk. We aim to respond to all enquiries as quickly as possible.