The NHS could save up to £3 billion which would enable all nurses currently working to receive the one per cent pay rise.
These figures come from the National Audit Office and were highlighted by Peter Carter in his speech on the first day of the RCN Congress yesterday.
These savings could be made by looking after the health of NHS staff better and using empty NHS buildings.
Mr Carter also said that if medicine for a number of conditions such as diabetes and asthma were taken correctly, an estimated £500 million could be saved.
These savings could lead to the investment of up to 70,000 more nurses or award the current workforce a pay rise in line with the Independent Pay Review Body's recommendations.
Peter Carter's speech received a standing ovation as he talked about the importance of investing in nurses. He acknowledged that nurses were being pushed to ‘breaking point' and that many nurses and healthcare assistants were facing job insecurity.