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The trust complained in July 2019 that inflexible Treasury rules were preventing it from buying out its 40-year PFI contract, which could deliver savings of £30 million a year. The contract equity holders are receiving around £20 million in annual dividends which is "double the figure envisaged at the start of the project and [is] projected ...
1 Powers of NHS trusts to enter into agreements (1) The powers of a National Health Service trust include power to enter into externally financed development agreements. (2) For the purposes of this section, an agreement is an externally financed development agreement if it is certified as such in writing by the Secretary of State.
In 2014-2015 the trust was given a loan of £6.2 million by the Department of Health which is supposed to be paid back in five years. [11] In 2020, the trust was rated "Good", with its main hospital (Kings Mill Hospital) being rated "Outstanding". In 2021 it was named by the Health Service Journal as the Acute or Specialist Trust of the Year. [12]
The Norfolk and Norwich University Hospitals NHS Foundation Trust pays the private PFI Octagon consortium in the region of £41 million a year. [4] In 2004, the Association of Chartered Certified Accountants assessed the actual costs at £1.16 billion, or around five times the initial cost of £229 million. [4] Project team: Anshen & Allen ...
Another controversy was the long term cost of the private finance initiative (pfi) deal to build the hospital: In 2019 it was revealed that University Hospitals Coventry and Warwickshire NHS Trust paid 12.5% of their income per year to the contractor, and that by the end of the contract, they would have spent an estimated £3.7 billion, almost ...
The Trust was the first to buy out a PFI contract, borrowing £114.2 million from Northumberland County Council in June 2014 in a deal which reduced its costs by £3.5 million per year. [16] It was named by the Health Service Journal as the best acute trust to work for in 2015.
In 2014, the Trust planned to buy a new electronic patient record system and sent 14 members of staff to the USA to evaluate the competing systems from Cerner and Allscripts, the final two competing for the £38 million contract shortlisted from eight bidders. A contract was due to be signed in early 2015 with the system implemented in mid-2016.
A new surgical centre was procured under a Private Finance Initiative contract in May 2004. [4] The surgical centre, which was built by Costain at a cost of £33 million, opened in June 2007. [5] In June 2008, the Trust opened the Sir William Rous Unit, for those with cancer or concerned they