Thursday, 31 January 2013

Health and social care could consume half of government spending by 2060

Health and social care could consume half of government spending by 2060:
31 Jan 2013
Health and social care could account for half of all government spending in 50 years' time, according to a new report published today by The King's Fund.
The report, Spending on health and social care over the next 50 years, shows how changes to the population, increases in wealth and medical advances will increase pressures to spend more on health and social care in the future. The ageing population will also be a factor although – contrary to popular perception – this is likely to drive only a small proportion of the increase.
The UK currently spends around 9 per cent of its national income on health and social care, more than twice as much as 50 years ago. This could more than double again to nearly 20 per cent by 2061, according to forecasts by the Office for Budget Responsibility. Based on projections for economic growth and current levels of taxation and government expenditure, the report estimates that this would translate to around 50 per cent of public spending.
The King's Fund will look at these issues in more detail in the months ahead as part of its Time to Think Differently programme which aims to stimulate debate about how to address the future challenges facing health and social care.

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