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Entrepreneur Tony Banks calls for 1% tax increase to fund elderly care

Balhousie Care Group chairman Tony Banks says Government should introduce a 1 per cent tax increase to fund care costs for the elderly.

Banks says whoever wins the next general election should impose the tax increase and ensure it is ring fenced for elderly care.

He says: “What is required is a bold move by whoever forms the next Government. We will need accountability of how that money is spent which will require a new government department and ministry.”

Banks says social care is a bigger issue than party politics, adding: “The main parties should put their squabbling over care for the elderly behind them. They all have their own agendas and they are usually conflicting.”

Last week the Audit Commission warned that if care costs increase in line with the ageing population, they could almost double by 2026.


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There are 4 comments at the moment, we would love to hear your opinion too.

  1. another 1% just like the 1% for the NHS(remember)We dont need more taxes,we need to reduce public spending and the gravy train of public employment.The new Parlimentary commission would be a good starting point,scrap it along with all MPs expenses,but do spare as this hogwash,and Tony Banks is an entrepreneur and he wants to start ANOTHER government dept!!!!!!

  2. I suppose it will be ring fenced just like National Insurance Contributions were mean’t to be.

    1% will become 2% which will become 3% then 4%.

    It will soon, just like NI, become just another income tax to be squandered by Labour on quangoes etc.

    Why does everyone think we need a new tax. Labour spends £100 BILLION on quangoes alone.

    The mantra should be “kill the quangoes not the elderly”

    Income tax hasn’t gone up under New Labour BUT has anyone noticed that combined employee and employer NI rates now EXCEED the basic income tax rate.

    Where does all this NI money go? Obviously not on the elderly who paid it all their working lives in the belief it was a contribution to their care in old age.

    Gordon has used 13 years of NI contributions to buy the votes of quangocrats and hundreds of thousands of non-jobs rather than use it to look after the elderly.

    In fact Gordon is increasing NI this April to pay off his huge borrowing binge, not a penny of the increase will go to the elderly.

    Wouldn’t trust Gordon and Labour as far as I could throw them.

  3. Taxes WILL go up to pay of our huge national debts. This will happen regardless of whether any incoming government can tackles the problems we have with our public services, quangoes, etc.
    NIC is an absurd tax, it has no investment return, and it is meant to fund a huge demographic increase in the needy with less people working and contributing!!
    By ring fencing the money this is protecting the private care sector – that is entrepreneurship!!!

  4. I am always suspicious of the most wealthy suggesting new types and levels of taxation that will apply mostly to the middle classes – ie those who dont have enough money to take advantage of tax avoidance schemes.

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