Autumn Budget 2024 response
Published 30 October 2024
Paul Schreier, CEO at Simplyhealth, said: "The government has committed to deliver urgent change for healthcare across the country, but today’s budget leaves many questions unanswered. Parts of the health system including the health and protection sectors as well as the role of employers continue to be overlooked and their potential left unrealised.
Working people are struggling to rely on the NHS. With waiting lists for everyday treatment at record highs, people need access to services such as GPs, counselling and physio. Mental health and back pain are the two leading causes for time off work, contributing to record highs of economic inactivity and economic stagnation.
This autumn budget missed a significant opportunity to harness the potential of both employers and the wider health and protection sector in delivering affordable, preventative healthcare. With 70% of businesses wanting to do more for their people’s health and a projected 4.3 million expected to be economically inactive by the end of this parliament, the practical and moral imperative is clear.
As set out in our blueprint report Improving access to healthcare via the workplace launched in parliament earlier this month, the Government must address the excessive tax burden that impacts businesses and their employees when investing in health cover products. Since 2015, the rate of Insurance Premium Tax has doubled from 6% to 12% and the current Benefit-in-Kind exemptions do not reflect employers’ efforts today. These barriers stop healthcare from being accessible to all and risk worsening the current workforce sickness epidemic.
The NHS does not have the capacity to be our only first line of defence. And that’s why we are here to help. We know from the thousands of businesses we partner with that our low-cost health plans are helping those at work to address everyday healthcare needs, from lorry drivers to supermarket shelf stackers, teachers and posties.
We must utilise every solution to ensure that no one is left waiting for treatment and a prevention economy is our future”.
Notes to editors
References:
Simplyhealth/Opinium, June 2024
IPPR, Our Greatest Asset, September 2024
Further information on Simplyhealth’s research and policy recommendations can be found in their latest report: Improving access to healthcare via the workplace: recommendations for how to make it easier for businesses to reverse the workforce sickness epidemic and reduce economic inactivity here.
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