Boris Johnson will address lawmakers on his plans to fix Britain's 'broken' social care system
September 7, 2021, 3:49 am

Boris Johnson will address lawmakers on his plans to fix Britain's 'broken' social care system

UK PM-Boris

The Todayonline reported according to Reuters, Prime Minister Boris Johnson will address lawmakers on Tuesday on his plans to fix Britain's "broken" social care system, at a time many in his own party are furious that he wants to pay for it by raising taxes, violating an election pledge.

For years, British leaders have been trying to find a way to pay for social care without endangering support by hiking taxes. In 2019, Johnson said he had a plan for social care.

Under the current care system, anyone with assets over 23,350 pounds ($32,305) pays for their care in full. This can lead to spiralling costs and the complete liquidation of someone's assets.

Costs in Britain are set to soar as the population ages.

Johnson will say in a speech to parliament, according to extracts released by his office: "We must act now to ensure the health and care system has the long term funding it needs to continue fighting COVID and start tackling the backlogs, and end the injustice of catastrophic costs for social care."

"My government will not duck the tough decisions needed to get NHS (National Health Service) patients the treatment they need and to fix our broken social care system."

The extracts did not detail financing plans, but British media have reported that Johnson wants to raise the National Insurance (NI) tax paid by working people to subsidise care for pensioners, including wealthy retirees.

Read more: UK largest social care union demands ministers to stop ‘no jab, no job’ rule

Many lawmakers from Johnson's Conservative Party worry this will hurt younger, low-income workers and breach his 2019 election guarantee not to raise the rate of NI.

The government said on Monday it will set aside a further 5.4 billion pounds ($7.5 billion) over the next six months to help the NHS cover additional costs from the COVID-19 pandemic and to tackle a huge treatment backlog.

Johnson, finance minister Rishi Sunak and health minister Sajid Javid will follow the statement to parliament with a press conference on Tuesday afternoon, Johnson's office added.

Source: todayonline

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.