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Sherwood faces £1bn overspend - report

The BBC reports it has obtained figures that show the King's Mill Hospital, run by Sherwood Forest Hospitals NHS Foundation Trust, has a PFI deal for the period 2005-2043 valued at £976m but the total cost of the initiative has now risen to £2.05bn.

This effectively puts the hospital in a position where it has overspent about £1bn, the figures obtained under a Freedom of Information request show.

The BBC quotes Conservative MP for Sherwood Mark Spencer as saying that the situation was “completely bonkers”.

"We need to find out who signed the deal and who was going through the small print and what they were thinking of when they signed the deal. We have a new chairman and we have to get behind him and sort out the mess," he said.

The trust's chair Tracy Doucet stepped down in September after a letter from the independent health regulator group Monitor was made public that stated it was "extremely concerned by the very serious issues facing the trust".