Pensioners who own homes without mortgages should draw down money from their property to invest in new National Care Fund, Theresa May's former deputy has said.
Damian Green, the former First Secretary of State, said that the key to tackling the social care crisis lies in unlocking £1.7trillion worth of "housing equity".
He proposed that over-65s should use equity release schemes to pay a compulsory "Care Insurance Fee" of around £30,000. National Insurance contributions of those aged over 40 would also go into the fund.
Those who are unemployed or still have substantial mortgages on their properties would have their fee met by the taxpayer. Mr Green said the approach will lead to a "fairer"...