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Spending Review
C.1 Strategies for improving performance and value for money
Initiatives to improve performance are set out in business plans published by the Office of Government Commerce and the Debt Management Office, and in the Treasury’s annual Departmental Report. Key projects for the Treasury include:
C1.1 60% of the Department will have been subjected to review under the BQS initiative by March 2003, and 100% by the end of 2004. The European Foundation for Quality Management’s Excellence Model will be a key means of conducting these reviews. A successful pilot trial was completed by the Public Services Directorate in 2000 and a programme is in place to apply the model to other parts of the Treasury.
C1.2 A new pay system was implemented in August 2000 and a revised appraisal system will be introduced in 2001 as part of new performance management arrangements
C1.3 As part of a strategy for improving the Treasury’s ability to improve the value for money of our operations without compromising quality, a review of how the department manages and allocates its resources will be completed in 2000. The review aims to improve value for money by ensuring that resources are allocated to key objectives, striking the right balance between competing priorities.
C1.4 The Office of Government Commerce was established in early 2000 to improve the efficiency and effectiveness of the Government's £13 billion annual civil procurement budget. and is intended to become the Government's centre of excellence in procurement for up to 200 Government Departments, non-governmental bodies and agencies. It has a target to £1 billion of savings in Government procurement by 2002-03. More information is set out in its document Vision and Delivery Strategies at http://www.ccta.gov.uk/
The Bank of England, as our agents, are tasked to
C1.5 minimise the cost of holding the Government’s foreign currency reserves, while reducing risk – performance will be assessed against a target of average annual cost over the preceding 3 years no greater than zero;
C1.6 minimise the cost and risk of financing the mean annual cost of net Government debt – performance will be assessed by comparing the cost to 7.2% (the average of the mean annual cost of net government debt over the last three financial years).
The Debt Management Office is tasked to deliver its objectives effectively and efficiently and to ensure value of money in its administrative expenditure. More information is set out in its Corporate Plan for 2000-01 at http://www.dmo.gov.uk/
C1.7 The Royal Mint’s unit cost index of coin production should not exceed 88.
C.2 Procurement
C2.1 The Treasury will reduce transaction costs by 30% by 2004.
C2.2 60% of the department’s interactions with suppliers will use e-procurement techniques by 2004.
C2.3 The Treasury will pay all valid invoices within contractual conditions, or 30 days of receipt of the invoice, or delivery of the goods or service, whichever is the later.
C.3 Fraud
Rules on access to market sensitive information and procedures for dealing with suspected fraud will be kept under review.
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