The arrival of a new chair and chief executive over the past 18 months has provided the necessary board level stability, scrutiny and grip of the trust’s financial position.
We placed the trust in special measures for financial reasons in August 2016 because it did not accept its financial target for that financial year and was planning a significant deficit.
Placing trusts into special measures for financial reasons gives them access to intense support to regain financial control and deliver sustainable financial recovery. As part of this support, we have supported the trust to develop a robust plan to drive financial improvements at pace.
Following the leadership changes at the trust, it has reduced the scale of its underlying deficit by over £15 million and is delivering against its financial target (control total) for 2018/19.
The trust has delivered year-on-year increases in efficiency and productivity savings over the past two years and is making further progress throughout this financial year.
The trust is now developing a longer-term financial plan to reduce its deficit further and we will continue to oversee it while it completes and implements this plan.
“This decision reflects the determination and hard work of all staff at the trust over the last two years to deliver major improvements in their financial performance. While there remains more to do, everyone at the trust should be congratulated for their contribution to reach this landmark.
There is strong evidence to show that high quality care and financial grip go hand in hand. The trust must now maintain these improvements in financial management while continuously improving the quality of, and access to, services for local patients.”
Stephen Hay, Deputy Chief Executive and Executive Director of Regulation