Monitor has become the third healthcare regulator to receive a significant boost in its income as part of the government’s drive to improve standards in the NHS.
Figures released to the HSJ by the Department of Health reveal that Monitor could see a 19 per cent increase in its “core budget” from £48m in 2013-14 to £57.3m in 2014-15.
While the budget has been agreed it is still subject to a “formal sign off of [Monitor’s] business plans”, a DH spokeswoman said.
The increase follows a 50 per cent hike in the Care Quality Commission’s DH funding allocation, from £80m received in 2013-14 to £120m this year, and a 66 per cent increase in the budget of the NHS Trust Development Authority, from £33.5m in 2013-14 to £55.5m this year.
Monitor’s proposed £57.3m budget would not cover all of its costs.
Last year its capital spending, contingency planning team and trust special administration costs sat outside the core budget.
HSJ understands this non-core expenditure for 2014-15 is still awaiting formal approval by the Monitor board.
A Monitor spokesman said: “The increase in our funding reflects the central role that we now play in making sure that the health sector works better for patients.
“The organisation has grown in response to the new powers and extra work we have been given by parliament in the Health and Social Care Act 2012.”
He said the regulator had asked the DH for a “substantial increase” in funding “to pay for the new work we are doing in areas such as pricing, competition and licensing”.
“The National Audit Office recently reported that Monitor provides good value for money,” the spokesman added.
All three main NHS regulators have now confirmed their expected budgets for this year. Each has received a substantial funding rise, reflecting the DH’s new focus on regulation.