§ Chris Grayling
To ask the Secretary of State for Health what the total aggregate cumulative deficit of London NHS trusts was at the end of the most recent financial year for which records are available. 
§ Mr. Hutton
The combined balance sheets of all London national health service trusts at the end of 2002–03 show a net cumulative deficit on the income and expenditure reserve account of £47.7 million. This figure does not necessarily represent liabilities which will need to be settled nor is it an indication of poor financial performance. Changes in accounting policy and the periodic re-valuation of assets over recent years have distorted the apparent financial position of NHS trusts.
The latest annual accounts for 2002–03 show London NHS trusts made an overall surplus of £4.3 million. All have balanced financial plans for 2003–04.