Cuts to Elder Services are Not Limited to U.S.

I received this alert from my eldercare professional colleague in England

From: Jackie Brook
Date: 5/19/2011
Subject: Elderly Care in the UK
Hi Robert
I've added your comment to the web site http://www.careindustrynews.co.uk/

If you can give the American spin on this or any news story you are welcome to comment.

Our government is about to announce various restructures regarding cuts- Due to an aging population the local councils simply can't afford to cover costs but are required to make huge cuts which include elderly care- Due to the greed of our previous government.

The chances are that several ex-MP's are on the board of groups that have been run by banks that should have failed!

Jackie

"Iceberg For Southern Cross Care Homes  How to raise £100million? Off load over 200 Care Homes!


Southern Cross have seen their shares plunge to new depths. Their Chairman Ray Miles stepped aside in April- Handing over to Christopher Fisher whose back ground includes being Managing Director of Lazard Investment Bank and Vice Chairman of Corporate Finance for KPMG .
As well as this they’ve approached the government for a ‘Bankers style’ bail out. Now call me old fashioned but just how will this work?
Southern Cross have no assets, the banks did at least have those. Occupancy is down and many of the properties occupied require updating and/or complete refubishment.

So the idea is to walk away from 50 homes that ‘Are not fit for purpose’ regroup, sell off between 100 and 200 to another operator and become a smaller company.


Over 31,000 elderly people are relying on a quick fix- as are their families. Not to mention the dedicated staff that work for Southern Cross So surely one of the questions should be ‘How will they pay it back?’


Editors note: Southern Cross Healthcare (Group plc) is a independent provider of health and social care services in the UK, meeting the needs of elderly and younger people in care centres. The group is the largest provider of care homes and long term care beds in the United Kingdom, operating over 750 care homes, 37,000+ beds and employing around 41,000 staff.[1] Following rapid expansion financed by the sale of leases of its homes, its shares fell 98% from early 2008 to early 2011, reducing its market value from £1.1bn to around £12m.[2]

Chart of Current and Projected Growth in World Aging Population

For the full details of these serious cuts due to the greed of investment bankers who take their money and run, leaving devastated lives in their wake follow this link http://www.careindustrynews.co.uk/2011/05/an-iceberg-for-southern-cross-care-homes/