PM Truss urged to put billions into social care

3 min read | September 23, 2022 05:29 PM AEST | By Rishika Raina

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PM Truss urged to put billions into social care — Image source: Guschenkova, Shutterstock

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Highlights

The councils are urging PM Liz Truss to keep her promise of putting billions into social care.

In her campaign, the PM had pledged to spend £13 billion on social care.

Chancellor Kwasi Kwarteng said that the tax hike implemented earlier would be overturned from 6 November.

With the confirmation that the UK government is planning to do away with the newly introduced National Insurance levy, the councils are putting pressure on PM Liz Truss to keep her promise of putting billions into social care.

Ahead of the mini budget to be announced on Friday, Chancellor Kwasi Kwarteng said that the tax hike, which was implemented to pay for social care and to deal with the NHS backlog, would be overturned from 6 November.

In her campaign, PM Truss had pledged to spend £13 billion on social care. Earlier this week, she said that her first priority in this respect was to properly fund social care over the upcoming rough winter months as lack of spaces had led to many people staying in hospital.

This came as Health and Social Care Secretary, Therese Coffey, introduced a £500 million social care discharge fund on Thursday. She defined the fund as a "down payment" until the advancement of longer-term strategies.

According to the Local Government Association (LGA), there is an immediate need for £6bn to enhance care worker pay, tackle the demographic and inflationary forces, and balance the provider market. The rest of the funds are also required without delay.

Amid the social care reform, UK investors can evaluate the performance of the following healthcare stocks based on their annual returns.

Mediclinic International plc (LON: MDC)

The market cap of the diversified global private healthcare services company, Mediclinic International plc, stands at £3,652.31 million as of Friday. With a P/E ratio of 24.19, the company's annual dividend yield stands at 0.6%.

As of 23 September, the FTSE 250 firms' YTD (year-to-date) return stands at 54.62%. Meanwhile, its annual return stands at 55.30%. MDC shares were trading at GBX 494.60 on Friday, experiencing a drop of 0.16% as the market opened at 8:00 AM (GMT+1).

Indivior Plc (LON: INDV)

The British speciality pharmaceuticals firm Indivior Plc's market cap stands at £1,928.97 million as of Friday. The company's P/E ratio stands at 15.51 and has a positive EPS of 0.28. As of 23 September, the FTSE 250 company's return on a YTD basis stands at 8.79%. Meanwhile, its annual return stands at 28.85%. INDV shares were trading at GBX 281.20 on Friday, experiencing a surge of 0.57% as the market opened at 8:00 AM (GMT+1).

AstraZeneca plc (LON: AZN)

The market cap of the leading UK-based pharma and biotech firm, AstraZeneca plc, stands at £153,926.86 million as of Friday. The company's annual dividend yield stands at 2.6% and has a positive EPS of 0.08. As of 23 September, the FTSE 100 company's return on a YTD basis stands at 14.47%. Meanwhile, its annual return stands at 15.33%. AZN shares were trading at GBX 9,992.00 on Friday, experiencing a rise of 0.58% as the market opened at 8:00 AM (GMT+1).

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