Hang on, I thought those wealthy folk were fair game for their income to be taxed at 50%? Now they're frail and elderly.
I'm confused. Are we supposed to care for rich people or not?
The property value is to be set at £100,000 which basically covers every property in the country. They are saying "products will be available" to pay for your social care. What this means is that their billionaire mates will set up companies that give equity to these home owners to purchase their social care. Set the interest at say 6%, which is around the norm for equity loans. When the equity in their homes is down to £100,000 then start paying for their social care out of taxes and the money saved by taking away the winter fuel allowance. Sit back and let the interest consume the remaining £100,000.
When they die, said billionaire mates own the properties, which can then be let to the original owners kids for sky high rents.
Ten year plan turns UK into a wonderful high rent country and the masses have cleared up most of the debt created by the greed of the few by using the equity in their homes.
It also removes most of the incentive to own your own home.