Rachel Reeves scraps long-awaited cap on social care costs - here is what it means

Along with a raft of other cuts, including the removal of Winter Fuel Payments for millions of pensioners, Labour has abandoned the £86,000 cap

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(Image credit: RUNSTUDIO via Getty Images)

Rachel Reeves has scrapped a planned cap on care costs to help fill a multi-billion pound black hole in the public finances that the chancellor says was left behind by the Conservatives.

Along with a raft of other cuts, including the removal of Winter Fuel Payments for millions of pensioners and the cancellation of a NatWest public share sale, the Labour government has abandoned a promise made by the Tories to limit social care costs to £86,000.

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Chris Newlands

Chris is a freelance journalist, and was previously an editor and correspondent at the Financial Times as well as the business and money editor at The i Newspaper. He is also the author of the Virgin Money Maker, the personal finance guide published by Virgin Books, and has written for the BBC, The Wall Street Journal, The Independent, South China Morning Post, TimeOut, Barron's and The Guardian. He is a graduate in Economics.