The New Economics Foundation report A False Economy, published this week, says market-based approaches to residential care are prioritising short-term cost savings at the expense of the future welfare of children. The report argues that these cutbacks will lead to higher costs for these children in later life.
The think-tank found almost £700m - enough to pay for the UK's entire annual care bill for looked-after children - could be saved over a 20-year period on other social costs by spending money on the right kind of care.
Researchers also analysed the work of two care homes to reveal the true value of their services. They found between £4 and £6.10 of additional social value is generated for every additional pound spent in higher-quality residential care.
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