This note is part of a series as a sequel to the article, From nominal growth to stable real incomes
. To place this note in context readers are encouraged to read this article before reading this note.
On 22nd November 2021, the UK government passed a proposal establishing a new cap on deductions from assets to support care costs for the elderly. The main asset people have, and not always fully paid off, is the family house. This vote on a proposition which has not been fully explored (see footnote) or explained is regrettable because it reflects a complete lack of imagination and seriousness with which this issue is being addressed.
The conversion of care provisions into an asset stripping process is regrettable and this reflects a complete failure of the provisions of the system of national assurance schemes and other options. It is completely at odds with the government's assertions of its seriousness about "levelling up".
The unfortunate result of quantitative easing (QE), a wanton act, was not directed at those who suffered as a result of the financial crisis in 2008 but rather bailed out the guilty parties, who have become enriched, at the expense of wage-earners ever since.