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Dr Sneh Khemka, chief executive of Simplyhealth said that despite the additional funding announced “it is clear that the NHS will remain under considerable financial strain for some time to come, and in the coming months will also face winter pressures”.
“This means that emergency and inpatient care will have to be prioritized, and outpatient services will necessarily be compromised,” he warned.
Meanwhile, Aviva’s group chief executive Amanda Blanc said yesterday’s Autumn Budget announcement was a “very welcome boost to UK investment”.
“We estimate that the Solvency 2 reforms will enable Aviva to invest at least £25 billion over the next ten years in the UK, including in critical sectors such as social housing, schools, hospitals and green energy projects” .
However, Helen Morrissey, senior pensions and pensions analyst at Hargreaves Lansdown, pointed out that the news that the social care cap could be delayed will be met with “horror by many people who are currently struggling with the huge costs of paying for care”.
“A delay risks leaving people’s long-term planning in tatters and there will be great concern that this is a step towards this plan to deal with social care being put on the backburner, leaving families in the country continuing to fight.”
“The chancellor has announced more funding for the social care sector over the coming years, but there is still a lack of detail on what that entails and for now struggling families have little insight into what help might be available for them,” he continued.
The right kind of support
Dr Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute, said the budget was “inevitably going to lead to higher taxes, and the freezing of personal tax allowances of income and inheritance will affect most families”.
He explained that with the right kind of financial planning, families can reduce their tax bill. “Changes in the budget mean that getting professional financial advice is more important than ever.”
“Insurers play a vital role in getting people back to work – research by Swiss Re has shown that for every £1 spent by insurers on rehabilitation, £9 is saved by avoiding prolonged economic inactivity. We call on the govt. to work with insurers to increase. take out insurance such as income protection across the UK economy, to realize even greater savings,” Connell said.
He added: “Our biggest concern remains the delay of the Dilnot reforms to 2025. This means that six generations of elderly people have spent an average stay of 30 months in a care home from start to finish since the Commission Dilnot was created in 2025. 2010 the public needs certainty about the costs of care before they can plan care financially.”
Andrew Gething, managing director of MorganAsh, warned that “even if wages rise, the chancellor’s freeze on income tax and national insurance caps will see an increase in the proportion of earnings paid to tax”.
“But even with the confirmation of benefits increasing in line with inflation, safeguarding the pension “triple lock” and offering more payments than the cost of living, there is no doubt that many families will see a significant drop in disposable income.bringing the full force of the cost of living crisis and pushing further into the “vulnerable” category.
He concluded: “As a result, monitoring the vulnerability of customers must now move higher on the agenda for all financial services companies. This is especially true with the arrival of the Consumer Duty in July that ensures that lenders, providers, brokers and IFAs are all obliged to prevent foreseeable harm and provide good results for clients.”
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