St George’s has been working with Monitor (the regulator of NHS funded healthcare) to examine our financial position and identify solutions for a financial recovery.

Monitor has now completed its investigation and has concluded that, due to the worsening financial position towards the end of 2014/15, the £46.2m deficit forecast for 2015/16 and the resultant need for additional working capital, St George’s has breached the conditions of its foundation trust licence. Further details can be found on the Monitor website.

Our board of directors acknowledges these findings by Monitor and has agreed a series of actions with the regulator to ensure the trust has robust recovery plans in place.

The trust is committed to establishing a stronger financial footing and is revisiting its current £43m saving plans and to identify new areas of cost improvement and income growth.

Tighter controls for budget holders, reduced use of temporary staff and a more focused approach to recruitment is already having a positive impact on the finances. In addition, staff have submitted nearly 100 ideas on how to improve efficiency and reduce waste whilst keeping patient care as their priority.

Chief Executive Miles Scott said: “The decline in our operational and financial performance occurred at a time when the NHS nationally – particularly hospital trusts – was under a great deal of pressure. Whilst these operational pressures may have hit us harder than other trusts, we take full responsibility for getting the trust back on track financially.

“We have a challenging time ahead of us and are adamant that our increased focus on figures will not be at the expense of quality.

“Patient safety remains paramount. I am proud that we continue to have low mortality rates, impressive results in the national stroke services audit, and – from our most recent CQC inspection – a rating of ‘good’ for our services overall, with some being highlighted as ‘outstanding’.

“We continue to strive for high standards and have confirmed a series of quality checks to sit alongside our saving plans. These will ensure that efficiencies will not compromise the care our staff provide.”