This rough equation represents one of the starkest warnings so far on the potential impact of public spending cuts on jobs and reward in the NHS over the coming years.
Sir Robert Naylor used the interview to call for a pay freeze for NHS staff to come into effect from April 2011, once the final year of the current three-year NHS pay agreement (subscription required) has been honoured. He says:
It's unrealistic for staff and the public to think there will be pay rises for staff, given the economic circumstances. If the public sector isn't going to be funded in accordance with inflation - as seems unlikely - then the new government next spring will have to decide whether it can afford a pay a rise for staff, bearing in mind every 1 per cent on pay is 10,000 potential job cuts.
(Thanks to my colleague Mike Berry for flagging up this story via Twitter).

