Web Only: the best of the blogs

The five must-read blogs from today, including why the UK is falling out of the EU.

1. Britain, not leaving but falling out of the EU

Cameron did not stop France and Germany from going ahead with what they are proposing, writes the Economist's Bagehot. That's not wielding a veto, that's called losing.

2. 'Nervous' Lib Dems toe the line on Europe

What Lib Dems are really waiting for is to see what happens when parliament returns on Monday, says Kiran Stacey at FT Westminster.

3. Cameron didn't sign EU deal because it's not in the interests of the one per cent

Cameron acted in the interests of the City of London, not Britain, says Shamik Das at Left Foot Forward.

4. Sarkozy told Cameron: "You can't have an offshore centre taking away Europe's capital"

Gary Gibbon warns that the French President is expected to renew his efforts to clip the City of London's wings.

5. Cameron's big opportunity to bring the Conservative family together

This could be a healing moment for the Tories, says ConservativeHome's Tim Montgomerie.

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Is anyone prepared to solve the NHS funding crisis?

As long as the political taboo on raising taxes endures, the service will be in financial peril. 

It has long been clear that the NHS is in financial ill-health. But today's figures, conveniently delayed until after the Conservative conference, are still stunningly bad. The service ran a deficit of £930m between April and June (greater than the £820m recorded for the whole of the 2014/15 financial year) and is on course for a shortfall of at least £2bn this year - its worst position for a generation. 

Though often described as having been shielded from austerity, owing to its ring-fenced budget, the NHS is enduring the toughest spending settlement in its history. Since 1950, health spending has grown at an average annual rate of 4 per cent, but over the last parliament it rose by just 0.5 per cent. An ageing population, rising treatment costs and the social care crisis all mean that the NHS has to run merely to stand still. The Tories have pledged to provide £10bn more for the service but this still leaves £20bn of efficiency savings required. 

Speculation is now turning to whether George Osborne will provide an emergency injection of funds in the Autumn Statement on 25 November. But the long-term question is whether anyone is prepared to offer a sustainable solution to the crisis. Health experts argue that only a rise in general taxation (income tax, VAT, national insurance), patient charges or a hypothecated "health tax" will secure the future of a universal, high-quality service. But the political taboo against increasing taxes on all but the richest means no politician has ventured into this territory. Shadow health secretary Heidi Alexander has today called for the government to "find money urgently to get through the coming winter months". But the bigger question is whether, under Jeremy Corbyn, Labour is prepared to go beyond sticking-plaster solutions. 

George Eaton is political editor of the New Statesman.