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'Care reform can boost GDP'

15 November 2012

Cass Business School report says care reform can act as an engine for economic growth

A fundamental shift in policy on care for older and disabled people could not only better support families in the UK, but also add significant value to the economy, according to a new report commissioned and published by Carers UK, researched and written by Professor Leslie Mayhew of Cass Business School.

The report argues that care must be accessible to all through improved integration of services in order to better support the 6.4 million UK carers. Understanding the economic costs of failures in care is crucial in reforming the current system.

Over three million carers juggle the demands of caring with maintaining a job, Cass Business School’s analysis indicates that reforming support for carers could deliver an economic and employment boost by helping keep carers in employment.

The report finds that restructuring care and reconfiguring services can help families stay in work alongside caring. This could deliver higher workplace productivity and staff retention for employers. In turn, this provides opportunities for growth in the care market, and improves the efficiency of care provision. Such reforms are made more necessary as more families are in the position of having to provide care to different generations simultaneously, the so called ‘pivot generation.’

Alongside improving support for working families, the report also points to wider economic opportunities. With provision of social care services failing to match rapid growth in demand for care from an ageing population, the report argues that stimulation of growth in care services to meet this demand could deliver a boost to GDP.

Chief Executive of Carers UK, Helena Herklots says:
"Too often the debate around reform of care for older and disabled people is framed as a drain on public finances. It is time we recognised that helping families to juggle work and care and stimulating a new generation of care services can act as an engine for economic growth."

Report author, Professor Mayhew says:

“We need to be much smarter about how care is organised and delivered – the system is fragmented and too complex. We need greater integration, better financial incentives, more flexibility, and a focus on prevention.”

-ENDS-

The UK Care Economy: Improving outcomes for carers was commissioned by Carers UK in order to look at the various challenges that families are currently facing, with large societal changes underway and new demographic pressures, and give an independent view on the various contexts and opportunities for improving outcomes for carers.

The full report is available at www.carersuk.org/professionals/resources/research-library

 

ABOUT CASS BUSINESS SCHOOL

Cass Business School, which is part of City University London, delivers innovative, relevant and forward-looking education, training, consultancy and research. Located in the heart of one of the world’s leading financial centres, Cass is the business school for the City of London.

Our MBA, specialist Masters and undergraduate degrees have a global reputation for excellence, and the School supports nearly 100 PhD students.

Cass offers the widest portfolio of specialist Masters programmes in Europe. It also has the largest faculties of Finance and Actuarial Science and Insurance in the region. It is ranked in the top 10 UK business schools for business, management and finance research and 90% of the research output is internationally significant.
Cass is a place where students, academics, industry experts, business leaders and policy makers can enrich each other's thinking. For further information visit: www.cass.city.ac.uk.

A DECADE AS CASS BUSINESS SCHOOL

2012 marks 10 years since City University Business School became Cass Business School - new premises, name, and brand - the business school for the City of London.

This followed a generous donation from the Sir John Cass’s Foundation. Founded in 1748 by philanthropist Sir John Cass, the Foundation is one of London's oldest and largest education charities. Sir John Cass was born in the City of London in 1661 served as Alderman, Sheriff and MP for the City, receiving a knighthood in 1712.

Cass is marking this anniversary with a year of activities and events. The celebration will start in September 2012, which marks 10 years since Cass’s contemporary premises on Bunhill Row opened for business.

For more information see http://www.cass.city.ac.uk/10th-anniversary

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