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NHS to receive £20bn boost by 2024 partly funded by ‘Brexit dividend’, says May

The PM will say that money that no longer needs to be paid to the EU after Brexit will help fund the increase by 2023-24.

The NHS will receive an extra £20 billion a year in real terms funding by 2024, partly paid for by a “Brexit dividend”, Prime Minister Theresa May is announcing.

Mrs May is setting out the five-year budget settlement to mark the 70th anniversary of the health service.

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Theresa May says money no longer needing to be sent to the EU will help fund the initiative (Stefan Rousseau/PA)

The PM will say that money that no longer needs to be paid to the EU after Brexit will help fund the increase by 2023-24, and the country will also be asked to contribute more for the NHS.

As part of the initiative the health service will draw-up a long-term plan led by doctors setting out how the resources should be best used, the Government said.

This long-term plan and historic funding boost is a fitting birthday present for our most loved institution Health Secretary Jeremy Hunt

Health Secrtary Jeremy Hunt said: “As the Prime Minister announces a historic long-term funding boost and 10-year plan for the health service, we are backing the NHS to show the world what a cutting-edge 21st century healthcare system can look like too.

“This long-term plan and historic funding boost is a fitting birthday present for our most loved institution. Like no other organisation could ever hope to be, the NHS is there for every family at the best and worst of times, from the wonder of birth to the devastation of death, living and breathing those very British values of decency, fairness and compassion.

“It recognises the superhuman efforts made by staff over the last few years to maintain services in the face of rapidly growing demand. But it also presents a big opportunity for the NHS to write an entirely new chapter in its history.”

The Government said that under the plan by 2023-24, the NHS budget will increase compared to today by over £20 billion a year in real terms, which is approximately £600 million a week in cash terms.

Chief executive of NHS England, Simon Stevens, said: “As the NHS turns 70, we can now face the next five years with renewed certainty. This multi-year settlement provides the funding we need to shape a long-term plan for key improvements in cancer, mental health and other critical services.

“And the invitation to the NHS to develop consensus proposals for legislation will help accelerate the move to more integrated care, and ensure taxpayers’ money is spent to maximum benefit.”

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