The NHS reported a £41 million overspend on non-ringfenced revenue departmental expenditure limit (RDEL) at Month 9 of 2025/26, according to the financial position paper presented to the NHS England Board in February 2026. 

This represents 0.03% of year-to-date allocation, with the Board paper describing the overall RDEL position as “broadly balanced” at this stage of the financial year. 

System overspend and expenditure position 

While the RDEL position is close to balance, the paper also sets out that, on an expenditure basis, systems remain in overspend. 

The report highlights the role of Deficit Support Funding (DSF) in managing system financial performance, noting that some systems are not currently receiving DSF in Quarter 4 based on their Month 9 position. 

The paper reiterates that systems revising their forecasts at Month 9 are required to identify actions to improve their year-end position and reduce their run-rate into 2026/27. 

Planning and financial discipline 

The Board paper references 2026/27 business rules and states that failure to deliver 2025/26 financial plans may lead to adjustments to future allocations and DSF arrangements. 

No further operational detail is provided within the Month 9 summary paper beyond the financial position and governance framing. 

Capital position 

The paper also reports on capital expenditure, noting that provider capital spend at Month 8 represented approximately one-third of annual allocation, with a forecast capital underspend across the system. 

The Board paper indicates that capital underspend may be redeployed to address pressures or priority areas within regulatory constraints. 

Source 

• NHS England. Month 9 Financial Position 2025/26, Board Paper, February 2026 (Item 4.2).