Symponia, the national professional body for care fees planning advisers, described the lower cap as ‘token’, as based on average social care costs, most people will arrive at the new cap only eleven weeks earlier than the previously touted £75,000.

Chancellor George Osborne [pictured] has revealed that in his forthcoming Budget he will bring forward key reforms to social care.

Changes include capping social care costs at £72,000 in 2016, 12 months earlier than originally intended and £3,000 lower than the previous figure announced. The Government will also bring in the single-tier pension of around £144 by 2016.

Janet Davies, joint founder and managing director for Symponia said: “People should not be duped; this is another smoke and mirrors production by the coalition. We need the Government to be more transparent with its electorate.

“Shame on George Osborne for saying “once people have spent £72,000 they won’t have to pay any more,” it simply isn’t true.

“The cap only relates to care costs, not accommodation, food and other ‘hotel style’ services necessary to live.

“As such, the majority of self-funders now will continue to be self-funders even after their care cap has been exhausted.”