Rachel reenses has been mocked after it emerged that Labour's Cost-Cutting Quango is set to be just 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 day a day.
It was played to have a lifespan of at last one year with the potential of being extended. But the telegraph reports that the ovfm will be shut down in October this year.
The closure comes after the quango was too criticized by MPS in a report in January, who was called for 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”
“When they are looking for dramatic savings, not what to do with a good idea to start with.”
Reform Uk Deputy Leader Richard Tice Said it was “a ludicroos virtue-signalling slogan which has been wasted even more money and achieved”.
He added: “It is being an abandoned because their backbench mps will not tolerate any cutback.
Former Business Secretary Sir Jacob Res-Mogg Said: “It seems to me to have achieved in a year so perhaps it is at last achieving value for a bee shut down.”
Reform Chairman Zia Yusuf Added: “The Government has Cut Wasteful Spending by scrapping the quango it is up a year ago to… (checks notes)… cut wasteful spending spending.”
A treasury review in whether the ovfm was value for money is due to be published in October.
A treasury spokesman sa: “For toe 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 Splening Decisions. “