The trust reported a £30.8m deficit in November, £14.2m behind its original breakeven plan, despite achieving year-to-date cost savings of £43.5m.
A trust spokesperson said: ‘The cost saving target we were given at the start of the financial year was significant. In response, we developed an ambitious and challenging financial plan to meet the requirements asked of us, while maintaining quality and safe care.
‘This included reducing our workforce and we challenged ourselves to finish the year with 785 fewer roles than we started. We are about halfway in that process and the reduction has come from a mix of temporary and substantive workforce and achieved mostly through natural attrition. Savings have also come from closing a number of beds.'
The trust made two requests for cash support from NHS England in October (£21.3m) and in November (£16.7m), with only £10m agreed for October, and has received advances from Hampshire and Isle of Wight ICB, without which it would have had a negative cash balance.
The spokesperson added: ‘Although the trust had been delivering considerably more work than before Covid, earlier this year we also had to make the difficult decision to reduce some of the extra elective work we were undertaking. We have now been able to resume some of that work on evenings and weekends as we continue to tackle the waiting list, prioritising those who have been waiting the longest as well as those with most urgent clinical need.
‘Whilst the financial position is improving, it is likely the trust will fall short of its savings target for this financial year. We continue to work closely with our healthcare partners across Hampshire and the Isle of Wight to deliver strong financial performance alongside providing outstanding care for patients.'
Southampton City Cllr, cabinet member for adult social care and public health, Marie Finn, said: ‘I am of course really concerned to hear about the financial situation the hospital is in, especially at this time of year when the demand on the service is going to be so high.
‘Adult social care staff are working closely with the hospital and with community health staff to ease pressure on the service through supporting timely discharges of hospital patients.
‘Going forward, the NHS plan is for the development of community hubs so that people can get care closer to home and where the services can link with our rich voluntary sector and do more work to prevent ill health in our communities. This should relieve pressure on our acute hospitals in the long run so they can focus on the great work they do for people with serious health issues.'
