More than third of profits analysed went to firms owned by private equity or based in tax havens, research finds
Private companies operating care services in just three regions of England have taken more than £250m in profits in three years, with more than a third going to providers owned by private equity firms or companies based in tax havens.
New analysis by Reclaiming Our Regional Economies warned that public money is being rapidly funnelled out of the care system into the hands of private companies, rather than reinvested to improve services.
The report, published on Wednesday, found that in the North East, South Yorkshire and the West Midlands, £256m in profit was made by private companies providing care services between 2021 and 2024.
“Politicians and pundits tell us that there simply isn’t the money to invest in social care and that we can’t afford to borrow more to build a better system,” the report states.
