The financial recovery in the NHS has been inconsistent, and some PCTs have cut back on services to achieve savings, the report concludes.
Despite an apparent turnaround within the NHS, which ended 2006/7 with a surplus of £515 million, 82 NHS trusts still have deficits totalling over £917 million.
PCTs that had their budgets cut could not deliver the healthcare they would have liked, the report says.
PAC chairman and Conservative MP for Gainsborough, Edward Leigh, said: 'Some PCTs limited the amount of healthcare they delivered either to make savings or because their budgets were cut.'
East of England SHA had a deficit of £153 million last year.
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