Blackpool Council issues £9m loan for local hospitals

Blackpool Council has agreed to grant a £9 million loan for Blackpool Teaching Hospitals NHS Foundation Trust's front-line services, from its £100 million business loan fund.

The money will be paid pack with interest over 10 years and will be secured against the trust’s new multi-storey car park. It is hoped the move will enable the trust to invest in services while benefiting from the low interest rates at which the council can borrow money.

Leader of Blackpool Council, Simon Blackburn, commented: ”This extra funding will allow the hospital trust to renegotiate their finances to make themselves more resilient against the challenges that the NHS will inevitably face in the future.

He added: "This is an unusual arrangement but it won't be typical."

Tim Bennett, deputy chief executive of Blackpool Teaching Hospitals NHS Foundation Trust, said: "This is good news for the trust and is an example of one of the areas where we are working in collaboration with our local partners to provide value for money and safe services.

"We are delighted that we are able to progress this agreement which delivers real value for money."

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