Notes on the Autumn Budget
Breaking down the key points for healthtech
After months of speculation and scrutiny over their plans, the new government announced their Autumn Budget at 13:30 on 30th October. Even with the full document to hand, we still can’t say that speculation over forthcoming government policy will end. However, there is significantly more detail in this budget than in any document yet published by the new government, and a lot of consequence to the health sector as well as for the health technology business and AI field we are involved in. In the next few paragraphs, we’ve broken down some of the key headlines for our readers.
“Deliver 40,000 extra elective appointments a week and reduce NHS waiting lists”
This budget commits to a not insignificant increase in NHS and social care funding, with its headline promises centred on tackling elective surgery waiting lists. This promise seems to be based around increased funding to the Department of Health and Social Care (DHSC) which will free up beds allowing for further surgeries to take place. Also hidden in the details is a promise of £1.5 billion capital funding for new surgical hubs.
These are both very welcome promises and can help impact the ever-lengthening waits for patients referred to elective surgery. However, both these initiatives will also need to be backed by improvements in pre-operative pathways management. Within the NHS, a need to make better use out of existing elective hubs has already been identified.
“Invest more than £2 billion in NHS technology and digital to run essential services and drive NHS productivity improvements”
Actual commitment to investment in digital technology within the NHS is very welcome and will be key to achieving the waiting list reduction goals and wider improvement pointed to across the NHS.
“Protect core R&D budgets with a real terms increase in funding for the National Institute for Health and Care Research”
Continuing R&D is crucial to allow the NHS to support patients at world-class standards. On a purely budgetary basis, it is also a necessary investment as it has real, if not immediately accountable, impacts on future productivity and cost effectiveness within the health service. By investing in innovation that helps the health system run more efficiently, the Health Service will save money and resources over the long term.
“Will shortly publish the Artificial Intelligence Opportunities Action Plan setting out a roadmap to capture the opportunities of AI”
As a company, that uses AI to drive our technology, we welcome the forthcoming Artificial intelligence Opportunities Action Plan promised in the budget. AI and Machine learning are extremely powerful tools, but with the excitement that potential brings, hubris can often follow.
We believe that AI tools developed responsibly and with a clear-eyed plan for integration in existing and changing systems can have a transformative effect on healthcare and other parts of society. It is therefore encouraging to see that the government is committed to investing in this technology and giving serious thought and consideration to how it is implemented.