David Goldstone has been appointed as the head of the UK government's new value for money office, earning a daily rate of £950 for his one-year term.

The position was announced by Chancellor Rachel Reeves in the latest budget statement as part of efforts to ensure efficient public spending.

Goldstone will provide advice to the Chancellor and the Chief Secretary to the Treasury on reforming systems and improving policy outcomes.

The role is independent from the Treasury, with Goldstone expected to work one day a week on average.

Goldstone brings a wealth of experience, having served as a non-executive director for both the Submarine Delivery Agency and HS2 Ltd, and was previously chief executive of Parliament’s Restoration and Renewal Delivery Authority.

His career also includes overseeing the government's £9.3 billion investment for the 2012 Olympics.

Darren Jones, the Chief Secretary to the Treasury, emphasized the importance of having 'guardrails' for ensuring value in public expenditure.

This approach, he claims, contrasts with previous government strategies that lacked independent oversight and led to overspending and project delays.

A Treasury spokesperson praised Goldstone's experience and commitment to improving value for money, reflecting the government's dedication to fiscal responsibility.