FINANCE: Monitor has closed its investigation into Wirral University Teaching Hospital Foundation Trust, the regulator has announced.

The investigation was opened in November of last year because the trust’s costs appeared higher than expected, while its income was lower than forecast.

After reviewing the evidence Monitor has decided that the trust is taking “reasonable steps” to address these financial issues, and therefore will not be taking formal regulatory action against Wirral.

However the regulator said it will “continue to closely review the trust’s financial position and progress to improve its financial management”.

This will include “formal financial monthly monitoring”, according to Monitor’s regional director, Frances Shattock.

David Allison, chief executive of Wirral University Teaching Hospital NHS Foundation Trust, said:  “I’m pleased that Monitor has been assured by the actions we have already taken, and the plans we have in place to meet our financial challenges.

“In common with all NHS hospital trusts, we continue to operate in an extremely challenging financial environment but we are committed to maintaining safe, high quality patient care whilst achieving financial stability.”