Key’s CEO discusses 1.25% rise in National Insurance to support social care

Photo of Will Hale, CEO at Key
Will Hale, CEO at Key Later Life Finance

Will Hale, CEO of Key, shares his thoughts on the Government plans for the NHS and social care reform

Will Hale, CEO of Key, (pictured) comments:

“There is no simple answer to the social care debate but with 12.5 million over-65s in the UK, we need to tackle this issue sooner rather than later. While today’s announcement that we will see a 1.25% increase in national insurance contributions is unlikely to be popular, it will be less of a bitter pill to swallow if we see a real improvement in how people can expect to access and receive the care they need via the NHS and in later life.

“The devil will be in the detail and even with these changes, it is important to remember that older people will still need to make a substantial contribution towards paying for their own care. We know that choice is important and that three-quarters of over-55s would like to receive care and support in their own homes. Savings, pension income and housing equity all have a role to play in supporting people as they use their own assets and the available state support to meet their needs in later life.”

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