Chancellor Rachel Reeves is understood to have axed the Labour Government's cash-cutting quango after only one year.
In 2024, the Office for Value-For-Money was created to analyse spending, investment proposals and potential inefficiencies to protect taxpayers' money.
Over the last 12 months, the quango's chairman David Goldstone was reportedly paid £950 a day while only being expected to work one day per week on average a month.
Notably, Goldstone was also unable to give advice on certain projects, including HS2, due to conflicts of interest despite soaring costs.
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Rachel Reeves AXES cash-cutting quango as Treasury accused of 'wasting money'
| GETTYA Treasury official has claimed the Office for Value for Money was only supposed to last one year, The Treasury reports.
In reaction to the quango's end, Tory MP said: "This was a gimmick to start with and it’s not surprising it hasn’t gone anywhere.
"When they are looking for dramatic savings, not wasting money might be a good idea to start with."
Richard Tice, deputy leader of Reform UK, added: "This Value for Money tsar was a ludicrous virtue-signalling slogan which has wasted even more money and achieved nothing.
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The Treasury is under fire
| PA"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.”
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It is understood a review is being conducted by the Treasury to determine whether the office was able to meet its predicted goals and was able to save taxpayers money.
The Treasury has said the results of this review are scheduled to be published in October 2025.
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A Treasury spokesman said: "For too long, taxpayer money has been squandered, and we are putting an end to it.
"The Office for Value for Money 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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