'Government begins review into sale of NHS hospitals'
A review into the possible sale of NHS property and assets in London has been launched
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Saturday, 05, Apr 2008 10:24
The government is looking into plans to sell NHS property and hospitals in order to improve the services provided by the health service.
The Times reports that a review into the process has been initiated which will look into the feasibility of selling off the NHS assets which have been valued at close to £337 billion.
The health service owns property which is valued at more than £23 billion and costs £700 million a year to maintain, according to the newspaper. Investment bankers have now been hired to consider how best to utilise the value of the assets in order to better fund its activities.
A spokesman for NHS London told the newspaper: "NHS London began this piece of work because it makes good economic sense that we know what land and estate is held to ensure that it is best used in the interest of patients and the taxpayer.”
Options that are on the table include allowing private developers to develop unused land in the capital in exchange for regular payments and even using the land as collateral to create tradable securities which would raise funds on debt markets.
If approved for hospitals in London, the model could be applied at NHS health centres in other areas across the country as well, according to the paper.