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How about, going much, much further in the original direction?
Let's re-establish & even enhance in reality the greater freedoms from DH/NHSE interference that FT's thought they were going to enjoy, but with even greater accountability to their Public & Governors.
Allow for FT's to be more easily relegated if they don't deliver their side of the bargain but promotion back to FT status should be a bit easier than gaining it in the first place.
The mandate that all hospitals must be part of an FT at all times is plain silly and the loss of FT status & freedoms (being trusted) must be heavily dependent upon ensuring high quality accessible services as well as financial competence & effective governance.
Let's make it easier for an FT to provide a wider spectrum of services if it wished to offer elements of primary, community, acute, and mental healthcare & social services.
Also, let's introduce the concept of FT status to CCG's too so that they too become more focused on greater governance & accountability to their public & their governors for the quality of their decisions & the services they pay for.
Importantly, only give FT's the freedom to merge and this should include FT service providers & FT service commissioners merging together.