Commenting on yesterday’s Queen’s speech, Andrea Rozario, director general of SHIP, said: “It is encouraging that the Government recognises the importance of keeping elderly and disabled people in their own homes, with their Personal Care at Home Bill. However, their pledge to help 400,000 people simply will not go far enough.
“A recent survey from the Department of Health showed that half of men and two-thirds of women will need long term care at some point in their lives, and the Government’s new initiative would only help a fraction of these people. The Government needs to consider alternative care funding solutions.
“There is currently £907 billion tied up in retirees’ housing equity – money which could be used by older people to ensure that they stay in their homes. To support this, The Conservative Shadow Minister for Pensions has this week announced that if elected, the Conservatives would be happy to consider the use of equity release as a legitimate retirement funding vehicle. We urge all parties to take this stance.”