Chancellor Rachel Reeves has been mocked once again (Image: Getty)
Rachel Reeves has been mocked after it emerged that Labour's cost-cutting quango is set to be axed after just one year. The Office for Value for Money (OVfM) was set up in October 2024 in a bid to ensure value for money for taxpayers, with its chair paid ￡950 a day for an average of one day a week.
It was planned to have a lifespan of at least one year with the potential of being extended. But The Telegraph reports that the OVfM will be shut down in October this year.
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The closure comes after the quango was heavily criticised by MPs in a report in January, who called for it to justify its cost to taxpayers.
Senior Tory MP Bob Blackman told The Telegraph: “This was a gimmick to start with and it’s not surprising it hasn’t gone anywhere.
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Reform UK deputy leader Richard Tice said it was "a ludicrous virtue-signalling slogan which has wasted even more money and achieved nothing".
He added: "It is being abandoned because Labour know their backbench MPs will not tolerate any cutbacks. This Government is bankrupting our economy.”
Former business secretary Sir Jacob Rees-Mogg said: “It seems to me to have achieved nothing in a year so perhaps it is at last achieving value for money by being shut down.”
Reform chairman Zia Yusuf added: "The government has cut wasteful spending by scrapping the quango it set up a year ago to… (checks notes) …cut wasteful spending. Britain is run by clowns."
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A Treasury review into whether the OVfM was value for money is due to be published in October.
A Treasury spokesman said: “For too long, taxpayer money has been squandered, and we are putting an end to it.
"The OVfM is a unique, time-limited office based in the Treasury, with an independent chair, which has been working in partnership across government to place value for money at the heart of spending decisions.”
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