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Britain's care homes are being turned into complex financial instruments

The extraordinary story of how one care conglomerate uses opaque corporate structures and a web of financial tools to suck wealth from the care of Britain's most vulnerable.

Published:
Workroom_at_St_James_Workhouse.jpg
Workroom_at_St_James_Workhouse.jpg

Workhouse, London, 1801 - By Thomas Rowlandson (1756–1827) and Augustus Charles Pugin (1762–1832) (after) John Bluck (fl. 1791–1819), Joseph Constantine Stadler (fl. 1780–1812), Thomas Sutherland (1785–1838), J. Hill, and Harraden [1] - Wiki

Adult social care in the UK is in crisis. This much we are told by those in the sector and this much we can see in the statistics. To cite but a few of these: around 1.86 million people over the age of 50 are not getting the care they need; approximately 1.5 million people perform over 50 hours unpaid care per week; and the proportion of GDP the UK spends on social care is among the lowest in the OECD, with budgets having undergone an overall reduction of over 30 per cent since 2010.

Reflecting on the severity of the situation, Ian Smith, chairman of the largest care home chain in the UK, Four Seasons Healthcare, recently declared himself to be ‘embarrassed to be British at the state of our health and social care.’ As with the NHS, a mood of impending catastrophe hangs heavy over social care.