Simon Stevens, the head of NHS England, agreed not to ask for more day-to-day funding

The NHS is in talks with hedge funds about borrowing up to £10 billion to repair hospitals and beef up GP care.

Health chiefs believe that low interest rates mean the NHS has a “golden opportunity” to raise money for infrastructure without relying on the chancellor.

The Times has learnt that health officials have reached the outline of an agreement with one or two hedge funds, as well as other investment companies. However, no deal can be signed without Treasury approval.

Jim Mackey, chief executive of the financial regulator NHS Improvement, is to meet Treasury officials today to urge them to sign off a round of private borrowing to create a central NHS infrastructure fund to which local services can apply.

Health unions called the