Isn't this the point of the NHS in the first place?

We're sure it is you know, the point and purpose of the NHS. At least, whenever we suggest introducing a bit more competition into the system we're told that this is the reason we shouldn't. For, you see, if we avoid the chaos and inefficiencies of competition, of the wasted capacity that must be there to allow competition, then the NHS will be a cheaper method of providing health care than alternative systems. And when we've looked at comparisons like those done by the Commonwealth Fund we find that the NHS is rated very highly because it's cheap, despite the fact that it's not all that good at actually curing people. But then we get this complaint from King's Fund:

Britain’s spending on its health service is falling by international standards and, by 2020, will be £43bn less a year than the average spent by its European neighbours, according to research by the King’s Fund.

The UK is devoting a diminishing proportion of GDP in health and is now a lowly 13th out of the original 15 EU members in terms of investment, an analysis for the Guardian by the thinktank’s chief economist shows.

But isn't that the point? The NHS is the Wonder of the World precisely because of its method of organisation? The one that allows us to have equitable and above all cheap health care as the state simply provides it? So how can lower funding than in other countries, with their less efficient systems and structures, be a problem? Isn't this supposed to be a sign of how marvelous the NHS is? That it does better on less?

Then again, we're not sure all that many arguments about the NHS are all that informed by logic: hysterical emotionalism seems to be par for the course.