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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.

Updates to this page

From:
HM Treasury
Published:
30 October 2024
Last updated:
27 November 2025
Show all updates

  1. An update to the description of the Office for Value for Money to account for the fact it is now closed.

  2. Letter from the Chief Secretary to the Treasury relating to the OVfM report on controls and accountability added.

  3. Evaluation of the Office for Value for Money, 10 Year Efficiency Projections, The Office for Value for Money Report, Further letter from the Chair of the Office for Value for Money (OVfM) to the Comptroller & Auditor General and Reforming the spending control and accountability framework added.

  4. Value for money (VfM) study on the procurement of short-term residential accommodation added.

  5. Value for Money (VfM) study on the governance and budgeting arrangements for mega projects added.

  6. Letter from the Chair of the Office for Value for Money (OVfM) to the Comptroller & Auditor General added.

  7. Departmental Efficiency Delivery Plans added.

  8. 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

  9. First published.

Who we are

The Office for Value for Money (OVfM) was announced by the Chancellor in Autumn Budget 2024  as a time-limited body with an independent Chair, to improve value for money in public spending.

Having successfully delivered on its remit as set by the Chancellor of the Exchequer, the OVfM has now closed. This included identifying almost £14 billion per year of efficiencies by 2028-29, four reforms to the spending framework which aim to leave a legacy of concrete improvements to value for money, and identifying improvements to two high-risk areas of public spending.

HM Treasury, including the National Infrastructure and Service Transformation Authority (NISTA), is mainstreaming the OVfM’s core functions and is focused on implementing its reforms, leaving a legacy of value for money improvements across the public sector.

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