NHS Monopsony Power Stats

Question 1

What is monopsony power in economics?

Answer 1

Monopsony power refers to a market condition where a single buyer substantially controls the market and can influence prices and wages.

Question 2

How does the NHS demonstrate monopsony power?

Answer 2

The NHS acts as the dominant buyer of healthcare labor and services in the UK, allowing it to set wages and influence working conditions.

Question 3

How many people does the NHS employ?

Answer 3

As of 2024, the NHS employs approximately 1.5 million people, making it the largest employer in the UK.

Question 4

What percentage of NHS staff are female?

Answer 4

Approximately 74% of NHS staff in England are female.

Question 5

How much did the NHS spend on agency staff in 2022/23?

Answer 5

In 2022/23, NHS providers spent £3.46 billion on agency staff.

Question 6

How many vacancies were recorded in the NHS in 2023?

Answer 6

As of September 2023, there were 121,070 vacancies in the NHS in England, including around 42,300 nursing vacancies.

Question 7

What is a potential benefit of NHS monopsony power?

Answer 7

A key benefit is cost control, allowing the government to manage public healthcare spending more effectively.

Question 8

What is a potential drawback of NHS monopsony power?

Answer 8

It can lead to suppressed wages and staff shortages due to lack of competition for labor.