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27th September 2012

Social care funding cuts costing economy £5bn a year

THE crisis in social care funding is costing the UK economy an estimated £5bn a year, a new report claims.

Cuts to the social care budget as part of the UK Government's austerity measures are resulting in more people than ever giving up their jobs to care for older or disabled relatives because they can't get help to pay for care.

The report says the result is £4bn is being lost in pay which would have otherwise gone back into the economy - with an estimated loss of £1bn in taxes on earnings also affecting the Treasury's coffers.

There are no separate figures available for Wales but it's thought that the figures are likely to be proportionally similar as local authority budget cuts are also biting into state-funded social care provision here too.

The£5bn figure is equivalent to 0.3% of the UK's gross domestic product (GDP) according to researchers behind the report issued by Age UK and Carers UK in conjunction with the London School of Economics.

For more on this story and the number of people giving up work to care for relatives click HERE .


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