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:
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Making targeted interventions through the Spending Review, working with government departments. This includes 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.
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Developing 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 2024Last updated 11 March 2025 + show all updates
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Added: - Office for Value for Money Evaluation Plan - Letter from the Chief Secretary to the Treasury relating to the Office for Value for Money recommendation on system reform - Terms of reference: Value for Money (VfM) studies - Office for Value for Money (OVfM) Investment appraisal criteria - HM Treasury response to the Treasury Committee Report on the Office for Value for Money
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First published.