A major part of the justification for the overhaul of the NHS was that spending would spiral out of control.
But Professor John Appleby, of the King's Fund, said even a doubling of the budget over 20 years was possible.
Writing for the British Medical Journal website, he said it was about whether the NHS was prioritised even more.
Ministers have spent the past few months arguing that the ageing population, rising cost of drugs and factors like obesity mean spending demands would outstrip what was affordable in the coming years.
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