MILLIONS of hard-up Brits could lose out on thousands in savings as Jeremy Hunt considers delaying massive social care reforms by a YEAR.
The new Chancellor is reportedly weighing up yet ANOTHER u-turn on government policy after tearing last month’s mini budget to shreds, according to The Times.
Jeremy Hunt leaves his London home this morning
This time the culprit is a promised £86,000 cap on the amount any adult will have to spend on social care in their lifetime.
The news comes as inflation today hit an eye-watering 10.1 per cent.
The social care cap was introduced by Boris Johnson earlier this year, and was due to start in October 2023.
BoJo came up with the plan so that Brits wouldn’t be forced to sell their homes to pay for care.
And the 2019 Tory manifesto swore that social care reforms must “guarantee that no-one needing care has to sell their home to pay for it”.
With the cap delayed by a year, some adults in need could be forced to spend thousands more than they would otherwise have to – or even sell their home to pay for help.
Mr Hunt hasn’t ruled out u-turning on any money promises in order to get Britain’s economy back on track.
Financial markets took a major tumble after ex-Chancellor Kwasi Kwarteng unveiled the disastrous mini budget last month.
It caused the pound to plummet and mortgage rates to soar.
Mr Hunt was brought in by Ms Truss to calm nerves in the City.
But to do so required ripping the mini budget to pieces.
A promised 1p cut to income tax was delayed indefinitely, and a corporation tax cuts due next year was scrapped.
The Energy Price Guarantee – which sees average bills capped at £2,500 – will now only run until April, instead of October next year.
The Chancellor won’t commit to uprating benefits in line with inflation.
And even the pension triple lock is under threat.
If it does get binned, around 12 million OAPs would be affected, with some retirees at risk of being £12,000 worse off.
Yesterday a spokesperson for No10 said: “We are very aware of how many vulnerable pensioners there are and indeed our priority… is we continue to protect the most vulnerable in society.
“The Prime Minister and the Chancellor are not making any commitments on individual policy areas at this point.
“But as I say the decisions will be made through the prism of what matters most to the most vulnerable.”
The government is facing fresh pressure today to explain to hard-up Brits how they will be helped through the cost of living crisis, as inflation rocketed to double digits.
Responding to the staggering rate, Mr Hunt said this morning: “I understand that families across the country are struggling with rising prices and higher energy bills.
“This government will prioritise help for the most vulnerable while delivering wider economic stability and driving long-term growth that will help everyone.
“We have acted decisively to protect households and businesses from significant rises in their energy bills this winter, with the government’s energy price guarantee holding down peak inflation.”
Did you miss our previous article…
https://hellofaread.com/money/i-tried-toy-advent-calendars-for-christmas-including-lego-and-disney-my-favourite-will-save-you-money/
