Prime Minister Andy Burnham faces a social care conundrum: how to create a fairer system without huge public spending. He has asked Baroness Louise Casey to expedite a report, expected to adopt reforms from Andrew Dilnot’s 2011 proposal, including a cap on care costs. The Health Foundation estimates reforms could cost between £4bn a year and £18.5bn a year in a decade, making tax rises likely.

But a third way exists: financial services could innovate. Dilnot’s cap of £35,000 (now £80,000-£100,000) would create insurable liability. Banks note £3.7tn of over-55s’ housing wealth is unencumbered.

Products like equity release, care annuities, and adapted life insurance could fund care. Auto-enrolment pensions could be replicated for social care savings. Tax breaks and even obligatory insurance, as with car insurance, might work.

Politicians would avoid tax rises, and funds would be protected. If done right, androids may not be needed.