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The Office for Value for Money

The Office for Value for Money provides advice to the Chancellor of the Exchequer and Chief Secretary to the Treasury to ensure that value for money is at the heart of government’s spending decisions.

Who we are

The Office for Value for Money (OVfM) is a time-limited HM Treasury Unit launched at Budget 2024 with two primary roles.

First, the OVfM will provide targeted interventions through the multi-year Spending Review, working with government departments. This will include conducting an assessment of where and how to root out waste and inefficiency, undertaking value for money studies in specific high-risk areas of cross-departmental spending, and scrutinising investment proposals to ensure they offer value for money.

Second, the OVfM will develop recommendations for system reform, informed by lessons learned from the past, international best practice, and the views of external organisations. This will underpin a ruthless focus within government on realising benefits from every pound of public spending.

The OVfM is led by an independent chair, David Goldstone CBE. David is supported by a multidisciplinary team of civil servants based in HM Treasury.

Announcements

Documents

Updates to this page

Published 30 October 2024