Work of the Office for Value for Money

Treasury Committee Open Regular evidence sessions
Opened: 4 Dec 2024 Parliament page
1 Recommendation
7 Conclusions
1 Report
1 Letter
1 Event
Activity timeline 3 events
28 Jan
2025
Correspondence
20 Jan
2025
Report published
11 Dec
2024
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
Title HC No. Published Items Response
1st Report - The Office for Value for Money HC 521 20 Jan 2025 8 Overdue
Recommendations & Conclusions
8 results
1 Conclusion
1st Report - The Office for Value …
Provide comprehensive cost estimates and actual expenditures for the new Office for Value for Money.
The Treasury must provide an estimate of how much the OVfM will cost including the cost of any external consultants it intends to procure, and then provide the actual cost of OVfM after it completes its initial work. (Recommendation, Paragraph … Read more
HM Treasury
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2 Conclusion
1st Report - The Office for Value …
Explain how the Office for Value for Money will integrate with existing government VFM bodies.
The OVfM must explain how it will interact with existing organisations and frameworks in government and the public sector that are already tasked with delivering value for money to avoid unnecessary duplication and to utilise existing expertise. (Recommendation, Paragraph 11) … Read more
HM Treasury
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3 Conclusion
1st Report - The Office for Value …
Clarify publicly by January which departmental agencies and budgets will undergo OVfM scrutiny.
The Treasury must clarify publicly by the end of January which departmental agencies or budgets will be subject to OVfM value for money studies. (Recommendation, Paragraph 17) Investment proposals
HM Treasury
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4 Conclusion
1st Report - The Office for Value …
Clarify OVfM's scrutiny process for investment proposals, including selection criteria and methods.
The Treasury must clarify how the OVfM will scrutinise investment proposals in the Spending Review process. This should include the criteria by which the OVfM selects investment proposals for scrutiny. The Treasury should also provide the method by which such … Read more
HM Treasury
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5 Conclusion
1st Report - The Office for Value …
Set out clear evaluation methods, metrics, and KPIs for the Office for Value for Money.
The Treasury must set out how and when it will evaluate the OVfM’s work, including specifying the metrics and key performance indicators that it will use to evaluate the overall worth of the OVfM project. (Recommendation, Paragraph 21) Outcomes
HM Treasury
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6 Recommendation
1st Report - The Office for Value …
Mandate the Treasury to set out OVfM recommendations, acceptance decisions, and implementation monitoring.
To maximise concrete outcomes from this project, the OVfM must specify before it is disbanded which parts of the Government should take responsibility for implementing its recommendations and by what timetable. To that end, the Treasury must set out the … Read more
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7 Conclusion
1st Report - The Office for Value …
OVfM's task to drive efficiency improvements is challenging due to limited resources.
The OVfM’s task is challenging because it is lightly resourced, and it has only a very short period of time to drive tangible improvements in efficiency in departments’ spending during the Spending Review period. Its worth will depend on its … Read more
HM Treasury
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8 Conclusion
1st Report - The Office for Value …
Mandate the OVfM to provide a short report to the Committee post-Spending Review.
At the end of its work on the Spending Review, the OVfM should provide a short report to the Committee covering the following:
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Correspondence 1 letter
28 Jan 2025 To committee Letter from the Chief Secretary to the Treasury relating to Office for Value for Money thematic studies, dated 20 January 2025
Parliament page