A hospital trust has predicted it will have a £1.4 million deficit this financial year as a result of “inflationary pressures” relating to energy costs.
In its latest public board report, North Tees and Hartlepool NHS Foundation Trust said utility spend, inflation costs and the rising cost of living, are to blame for its current financial position.
The latest official figures show that the rate of inflation has risen to a 40-year high of 9.1% last month.
The trust said: “Good control and mitigation in operational financial management and good grip in corporate financial management is therefore essential.”
This week, analysts predicted that the energy price cap could rise to £3,000 in the coming months.