The Chancellor of the Exchequer has today announced the appointment of David Goldstone as independent Chair of the Office for Value for Money.
David will advise the Chancellor of the Exchequer and Chief Secretary to the Treasury on decisions for the multi-year Spending Review. This will include conducting an assessment of where and how to root out waste and inefficiency, undertaking value for money studies in specific high-risk areas of cross-departmental spending, and scrutinising investment proposals to ensure they offer value for money. David will also develop recommendations for system reform, underpinning a ruthless focus within government on realising benefits from every pound of public spending.
David Goldstone, Chair of the Office for Value for Money, said:
I am honoured to have been appointed by the Chancellor and Chief Secretary to this important role. I look forward to working within government over the coming year to bring renewed focus to ensuring we deliver maximum value for the public in how money is spent.
Alongside his role as Chair of the Office for Value for Money, David Goldstone is also a Non-Executive Director of the Submarine Delivery Agency, a Non-Executive Director of HS2 Ltd, acting as HM Treasury’s representative on the Board, and a member of the Projects & Programmes Committee of GB Nuclear. Prior to this, David served as Chief Executive of the Houses of Parliament Restoration and Renewal Delivery Authority since July 2020. He was also a member of the Board of the Major Projects Association from 2022 to 2024.
David was previously the Chief Operating Officer of the Ministry of Defence, where he led the Department’s complex multi-billion transformation programme, and represented the Department on the Boards of the military commands.
David played a leading role in the 2012 Olympic and Paralympic Games. He was responsible for overseeing the Government’s £9.3bn investment for the 2012 Games including the delivery of the Olympic Park venues and infrastructure. As CEO of the London Legacy Development Corporation, David was responsible for the delivery of the East London regeneration legacy, including the development of Queen Elizabeth Olympic Park and the surrounding areas. David was also previously Transport for London’s Chief Finance Officer.
David trained as a CIPFA accountant whilst at the Audit Commission before moving to Price Waterhouse and then spending 12 years in the delivery of locally based investment programmes for Government. He had previously spent two years as a secondary school teacher.
Notes to Editors
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Autumn Budget 2024 announced the formal launch of the Office for Value for Money (OVfM), with the direct ministerial appointment of David Goldstone as the independent Chair of OVfM. As part of his role, David will advise the Chancellor on the multi-year Spending Review. In order to ensure David is in place to perform this role, a Direct Ministerial appointment process was run. The criteria used are set out in the accompanying Terms of Reference.
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David was appointed Treasury-nominated Non-Executive Director on the board of HS2 on 1st June 2024.
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The OVfM will be time limited, and David Goldstone will take up the role on a part-time basis for an initial 12 month period, starting on 30 October 2024. The Government will set out its decisions on the future of the Office and other activities to improve value for money in due course.
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David will be supported by a multidisciplinary team of up to 20 civil servants based in HM Treasury.
