Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

UK budget to give health service huge boost, Reeves says

Published 10/28/2024, 06:41 PM
Updated 10/28/2024, 07:10 PM
© Reuters. Chancellor of the Exchequer Rachel Reeves speaks with members of the staff as she visits St. George's Hospital with Health Secretary Wes Streeting, on October 28, 2024 in London, Britain. Leon Neal/Pool via REUTERS

LONDON (Reuters) - Britain's finance minister Rachel Reeves will announce billions of pounds in funding for the National Health Service (NHS) in Wednesday's budget that will go towards buying new equipment for hospitals and increasing the number of operations.

Prime Minister Keir Starmer has said tax rises will be necessary to rebuild Britain's public services, pledging no return to austerity despite a difficult fiscal inheritance after Labour won a July election.

"I am putting an end to the neglect and under investment (the NHS) has seen for over a decade now," Reeves said on Monday.

"We will be known as the government that took the NHS from its worst crisis in its history, got it back on its feet again and made it fit for the bright future ahead of it."

The finance ministry said there would be 1.5 billion pounds ($1.95 billion) for new surgical hubs and scanners, and 70 million pounds for radiotherapy machines.

It said there would be enough funding to deliver an extra 40,000 elective appointments a week, including 1.8 billion pounds invested by the government since July.

Reeves will announce the final figure on Wednesday.

The state-run NHS has endured some of its hardest winters recently as it struggled to cope with backlogs in elective procedures delayed by COVID and industrial action.

Starmer has promised to deliver a 10-year plan to fix the NHS in England, after an independent report said it was in critical condition.

He has agreed pay deals with health workers, ending a series of strikes the previous Conservative government blamed for extending waiting lists.

The finance ministry said the extra funding would help the NHS meet a commitment that 92% of people wait less than 18 weeks to start treatment.

© Reuters. Chancellor of the Exchequer Rachel Reeves speaks with members of the staff as she visits St. George's Hospital with Health Secretary Wes Streeting, on October 28, 2024 in London, Britain. Leon Neal/Pool via REUTERS

The British government runs the health service in England, and it is a devolved area of policy in Scotland, Wales and Northern Ireland.

($1 = 0.7705 pounds)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.