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 was announced by the Chancellor in the Budget last October as a time-limited body with an independent Chair, to improve value for money in public spending.
The OVfM has successfully delivered on its remit, including working with departments to identify credible plans to deliver almost £14 billion of efficiencies per year by 2028-29 as well as wider reforms to improve Value for Money across government. Its functions will be embedded within the Treasury, leaving a legacy of value for money improvements across the public sector.
A concluding report from the OVfM will be published by the government alongside the Budget, following which the Chancellor and the Chair have agreed that the OVfM will close as planned.
Announcements
Documents
Updates to this page
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Value for money (VfM) study on the procurement of short-term residential accommodation added.
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Value for Money (VfM) study on the governance and budgeting arrangements for mega projects added.
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Letter from the Chair of the Office for Value for Money (OVfM) to the Comptroller & Auditor General added.
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Departmental Efficiency Delivery Plans added.
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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.