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The previous slump in the rate of growth in spending took place between the mid 70s and early 80s (actually stopped falling about 1980). Around the time that the UK had to go to the IMF for a bailout. The rate of increase in NHS funding is directly correlated with the state of public finances rather than the party in power.
Completely fails to account for:
1) Population growth;
2) Ever-increasing costs of new procedures, therapies, equipment, drugs etc.
Interesting graph, actually. Clearly shows that funding was slashed in 2010 and has never approached the levels seen during the previous government. The only period on the graph when spending was similarly hobbled was during the early/mid-80s. Funny, that.