Social investment to plug growing care funding gap?

Socially responsible investment could help plug a growing gap in funding for elderly care in England.

According to charity Age UK, which combines Age Concern and Help the Aged, spending on social care for older people has fallen by half a billion pounds since last year.

It warned that the government will need to increase spending to £7.8 billion to maintain services at the levels they were before the coalition government came to power.

However, if this is not possible, it might be worth targeting corporations and individuals with large amounts of private wealth looking for social investment opportunities.

Age UK director Michelle Mitchell said: "Our new figures show a funding gap clearly exists, that it currently stands at £500 million and that it is growing bigger all the time."

The new report was published shortly after Third Sector reported that the chief executive of housing charity Shelter suggested all high-level executives at charities should be involved in fundraising efforts.

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