"Politicians and pundits tell us that there simply isn't the money to invest in social care and that we can't afford to borrow more to build a better system, the report states. The truth is that money exists in the care system but too much of it is leaking out. Instead of simply being provided as a public service, systems of care have gradually, over time, come to function more like a commodity or a product to be bought and sold."
"More than a third (87.7m) of all profits analysed were made by care providers owned by private equity companies or with parent companies based in tax havens. A total of 45m was paid in dividends to shareholders and 33.6m was paid in interest, up to 60% of which went straight to companies owned by private equity and based in tax havens."
Between 2021 and 2024 private companies operating care services in the North East, South Yorkshire and the West Midlands generated £256m in profits. More than a third (£87.7m) of these profits were made by providers owned by private equity firms or with parent companies based in tax havens. £45m was paid in dividends and £33.6m in interest, up to 60% of which went to private equity or tax-haven companies. Company directors earned up to 60 times the average wage while frontline care workers were often paid below the living wage. Public money is being funneled out of care rather than reinvested. Recommendations include government-set legal limits on profits from care services.
Read at www.theguardian.com
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