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Experts called in to help hospital with £45m deficit

12th December 2012

The health sector regulator has confirmed it is to deploy a Contingency Planning Team to Peterborough and Stamford Hospitals NHS Foundation Trust.

Pound Sign

The trust has not been able to deal with a £45 million budget deficit and Monitor said its aim was to reduce the deficit while not compromising on patient care.

Peter Reading, interim chief executive of Peterborough and Stamford Hospitals NHS Foundation Trust, said the regulator's support addressed the issues which "the trust board identified in August 2012 in our summary financial plan".

"Indeed, the recent National Audit Office report said the trust's deficit was too great for us to resolve on our own, and called on us to work together with the Department of Health, Monitor and local commissioners on urgent action to help the trust return to financial sustainability."

He added that the new solution required a group of measures which covered the "health economy" of Peterborough, Cambridgeshire and Lincolnshire. 

Dr David Bennett, chief executive of Monitor, said they had been working with Peterborough and Stamford Hospitals NHS Foundation Trust in order to make improvements to its finances.

He explained: "The reality is that the trust has a significant underlying deficit and even if it achieves challenging annual cost savings it will continue to need substantial financial support from the Department of Health."

"It is therefore time for us as the sector regulator to step in and look for a solution that ensures services are provided for local patients on a sustainable basis. We have an open mind about the form that solution might take, but it must meet the needs of patients and taxpayers." 

 

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