The rising cost of social care is expected to be a principal focus of the Conservatives' 2017 general election manifesto when it is launched later today, according to reports.
The FT reported Prime Minster Theresa May (pictured) would announce "plans to cut the costs of caring for an ageing Britain in tough reforms that will hit millions of wealthier pensioners, many of them Conservative voters".
The Conservative party also intends to scrap the ‘triple lock', which currently guarantees annual rises in the state pension of at least 2.5%, as well as its planned cap on the amount an individual is expected to pay towards social care, with domestic care having for the first time to be paid for from the value of a house.
According to the BBC, the manifesto will promise no-one would have to sell their home in their lifetime to fund residential care or care at home. Instead, the cost of care - above a £100,000 threshold - would be taken from their estate when they die.
It added: "The value of someone's property will now be included in the means test for receiving free care in their own home - currently only their income and savings are taken into account." Those in residential care, who currently have to pay for their care, would be able to defer the cost until after their death.
The threshold for both groups would rise from the current £23,250 to £100,000, meaning the family assets would not be depleted below that level to pay for care, the BBC said, while winter fuel payments, which pensioners currently receive irrespective of need, will be means-tested, with the proceeds going directly to care for the elderly.
The BBC also noted unconfirmed reports the commitment not to raise income tax, VAT or national insurance, which the Conservative party made at the 2015 election, would be ditched and there would be a revised timetable to eliminate the deficit and balance the books by the middle of the next decade.
Launching their own manifesto yesterday, the Liberal Democrats pledged to review the case for a single rate of pensions tax relief and committed to maintaining the triple lock. On Tuesday, the Labour Party manifesto included proposals to raise an extra £19.4bn from corporation tax, as well as an extra £6.5bn from an intensified tax avoidance programme, and to reintroduce the 50p income tax rate,
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