New Value for Money Head’s Past Projects Faced Significant Budget Overruns

The individual appointed as the government’s new Value for Money head has previously led multiple major initiatives that experienced substantial budget overruns. David Goldstone’s prior executive roles include involvement with the London Olympics, the restoration of Parliament, and the HS2 high-speed rail project. Mr. Goldstone is set to lead the government’s newly established Office for Value for Money (OfVM), with the Treasury stating his role will involve advising Chancellor Rachel Reeves on “how to root out waste and inefficiency”. Downing Street defended the appointment, describing Mr. Goldstone as a “highly experienced public sector leader” possessing a “track record of working on complex high-value programmes”. When questioned about whether he represented value for money, a Number 10 spokeswoman affirmed with “yes”. Chancellor Reeves, in announcing his appointment, stated it is “vital that we are driving efficiency and reducing wasteful spending” and that his position would “help us realise the benefits from every pound of public spending”. Conversely, Reform UK leader and Clacton MP Nigel Farage, commenting on the Budget on Wednesday, remarked that Mr. Goldstone had “served for many years on the board of HS2, which I would suggest is the very opposite of value for money”. The HS2 high-speed rail project, which has been revived, was initially budgeted at £38bn in 2009, but its current projected cost is anticipated to be at least twice that amount. Mr. Goldstone’s LinkedIn profile indicates his presence on the HS2 board from January to June 2012 and again from 2024, serving as a Treasury nominee, despite no apparent tenure in the years between these periods. As the finance and programme director for the Government Olympic Executive, he oversaw the delivery of the 2012 London Olympics, which ultimately cost £9bn, three times its initial expectation. Furthermore, Mr. Goldstone served as chief executive of the Houses of Parliament Restoration and Renewal project and faced strong criticism from MPs last year for accepting a £168,000 bonus, even as project delays incurred approximately £100m annually in maintenance expenses. In an interview with LBC, Conservative leadership contender Kemi Badenoch expressed the view that an office dedicated to assessing value for money should be unnecessary. She stated: “We are constantly trying to solve problems with more quangos, more bureaucrats, more politicians. This is not how you deliver growth. “We should be able to determine value for money within the civil service itself. “If they cannot do that, then I have no confidence that an Office for Value for Money will know how to do that either – that expertise should already be in the Treasury.” The Treasury indicates that the OfVM will comprise a team of 20 civil servants reporting to Mr. Goldstone, who is anticipated to hold the position for one year, with the “possibility of extension”. Mr. Goldstone’s remuneration is reportedly approximately £950 per day for an average of one day of work per week, amounting to an estimated annual salary of £50,000. When Treasury minister Darren Jones was presented with the observation that the OfVM salary would equate to £250,000 if the role were full-time – a sum considerably higher than the prime minister’s salary – he informed LBC that the “rate of return for the improvements… will be far, far greater”. Jones further commented: “We can’t expect people to work for free. “Actually, the day rate for David is, on a benchmark basis, competitive.” The Treasury has been approached for a statement.