To ask the Chancellor of the Exchequer, with reference to page 15 of HM Treasury's document entitled Fixing the foundations: Public spending audit 2024-25, published on 29 July 2024, for how long the Office for Value for Money will exist; and what its remit will be.

The Office for Value for Money (OVfM) will have two primary roles. First, to provide targeted interventions, working with departments, so that value for money governs every decision government makes. Second, to recommend system reforms to ensure any changes support the government’s missions and deliver value for money.

The OVfM will be a time-limited team. No final decision has been taken on when to disband the office, but its vision is to leave a legacy of concrete, embedded improvements to spending controls, to minimise the risk of poor value for money in the future.