Magazine article Public Finance

UK Elderly Care Costs Could Soar by £300Bn in 20 Years

Magazine article Public Finance

UK Elderly Care Costs Could Soar by £300Bn in 20 Years

Article excerpt

Care services for elderly people could cost an extra £300 bn across the UK over the next 20 years, members of a Scottish parliamentary committee have been told.

Michael Harris, director of public and social innovation at the National Endowment for Science, Technology and the Arts, said new approaches to public services would be needed to save money and deal with rising demographic demands.

Harris was giving evidence on May 4 to the Scottish Parliament's finance committee, which was considering the impact of demographic change on future budgets.

He said: 'The twin challenges of the short-term demands of saving money [and] the longterm demands coming from demographic change should force us to think about new approaches in public services.'

Asked by committee convener and MSP Andrew Welsh about the scale of resources needed, Harris said: 'In our reading of research done elsewhere the cumulative figure we're looking at is around £300 bn in extra costs across the UK by about 2030. …

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