Socialist Worker

Banks move to throw out old

Issue No. 1670

MANY OF the elderly are set to become victims of the market in old people's homes. The private sector runs many nursing homes after local authorities came under pressure from the Tory government to sell them off.

Now many nursing homes face financial crisis. Banks are reconsidering lending them money. They don't feel they get enough profit from looking after the old, despite many charging high fees.

Tamaris and Advantage, the two biggest suppliers covering around 9,000 beds, are in emergency talks with their bankers. Ashbourne, a US owned company, has filed for protection from its creditors. It's old people who will suffer.

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Sat 30 Oct 1999, 00:00 BST
Issue No. 1670
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