Apsana Begum, Labour MP for Poplar & Limehouse in east London, said she had written to the trust to express her fears.
“At this moment, the focus could have been on how NHS funding is restored and how there can be parity between the quality and level of care for physical health and mental health,” she said.
“I am concerned that these cuts are particularly targeted towards mental health care services that are of equal importance to patients.”
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The trust has a strong national reputation, being one of a small number of NHS organisations to hold the highest rating from the Care Quality Commission.
Managers from ELFT have previously been placed in charge of other struggling organisations, including Norfolk & Suffolk NHS Foundation Trust.
An ELFT spokesperson said: “Like all NHS providers, we have a responsibility to live within our means so that we can continue to provide high-quality care to the communities we serve.
“Our approach is clinically led and focused on meeting the needs of our service users.
“We are working closely with our trade unions, colleagues and partners to identify the most effective and sustainable way to deliver the efficiencies required of us, while protecting the quality and safety of care.”
A Department of Health and Social Care spokesperson said: “This government is dedicated to transforming the quality and sustainability of NHS services, including for those who need mental health support.”
NHS England has been contacted for comment.
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