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Debate on long‐term care funding reform has evolved steadily over the last five years. New thinking has explored the role of ‘matching contributions’ and ‘cohort insurance’. However, despite the emergence of a government green paper and a white paper, and significant resources expended inside and outside government, both consensus and the starting point for reform have proved elusive. With the ‘elderly support ratio’ now in decline, and the UK confronting a period of extended fiscal austerity, what are the key questions confronting policy‐makers?

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