{"id":191783,"date":"2024-12-09T22:31:13","date_gmt":"2024-12-09T22:31:13","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/12\/09\/bankers-to-scrutinise-public-sector-spending-to-bring-private-sector-into-the-heart-of-government\/"},"modified":"2024-12-09T22:31:14","modified_gmt":"2024-12-09T22:31:14","slug":"bankers-to-scrutinise-public-sector-spending-to-bring-private-sector-into-the-heart-of-government","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/12\/09\/bankers-to-scrutinise-public-sector-spending-to-bring-private-sector-into-the-heart-of-government\/","title":{"rendered":"Bankers to scrutinise public sector spending to ‘bring private sector into the heart of government’"},"content":{"rendered":"
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Bankers are to review state spending as part of a push to bring the private sector “into the heart of government”.<\/p>\n

External oversight is to be incorporated into the first line-by-line spending review of government departments in 17 years.<\/p>\n

Under plans announced by the Chancellor Rachel Reeves<\/strong><\/a> “every pound” of government spending will be interrogated to ensure it represents value for money.<\/p>\n

Departments will be expected to find savings and “efficiencies” in their budget as Ms Reeves said she wishes to remove waste in the public sector.<\/p>\n

Money blog: $100bn wiped off US tech giant in single morning<\/strong><\/a><\/p>\n

“The previous government allowed millions of pounds of taxpayers’ money to go to waste on poor value-for-money projects,” she said.<\/p>\n

“We will not tolerate it; I said I would have an iron grip on the public finances and that means taking an iron fist against waste.”<\/p>\n

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What’s the outlook for economic growth?<\/span>
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Departments will be told by Ms Reeves they cannot operate in a “business-as-usual way” when reviewing budgets.<\/p>\n

The new budgets will be scrutinised by “external experts” including former senior management of Lloyd’s Bank, Barclays, and the Co-op.<\/p>\n

These budget examiners will bring “an independent” view into what spending is necessary, the government said.<\/p>\n

Other experts will be academics, from thinktanks and other parts of the private sector.<\/p>\n

All spending must contribute to the government’s stated aims<\/strong><\/a> or it won’t be funded.<\/p>\n

“Some of these decisions will be difficult,” the government said, as spending should be stopped if it is not contributing to a priority.<\/p>\n

The private sector will also be able to contribute to government budgeting through the launch of an online feedback portal for policy proposals.<\/p>\n

Read more
Eco-tycoon in fresh effort to spark Observer sale talks<\/a>
New Sky and Warner Bros. Discovery deal announced<\/a><\/strong><\/p>\n

The chancellor is seeking to cut state spending after she identified a “\u00a322bn black hole<\/strong><\/a>” between state spending and revenues.<\/p>\n

Her October budget laid out plans to cut spending in the coming years with departments required to meet a 2% “productivity, efficiency and savings target”<\/strong><\/a>.<\/p>\n

On Monday the government launched a \u00a3100m fund and called on <\/strong>“disruptors, innovators and creative thinkers”<\/strong><\/a> to help make the civil service more productive.<\/p>\n

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New “test-and-learn teams” will be put into public services across the UK to “experiment and innovate” in an effort to “fix the public sector’s biggest challenges”.<\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bankers are to review state spending as part of a push to bring the private sector “into the heart of government”. External oversight is to be incorporated into the first line-by-line spending review of government departments in 17 years. Under plans announced by the Chancellor Rachel Reeves “every pound” of government spending will be interrogated […]<\/p>\n","protected":false},"author":2,"featured_media":191784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/e3.365dm.com\/24\/11\/768x432\/skynews-reeves-budget-chancellor_6735559.jpg?20241101174441","fifu_image_alt":"","footnotes":""},"categories":[603],"tags":[4268,5191,3954,2462,1665,3560,150289,5394,2436],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/191783"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=191783"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/191783\/revisions"}],"predecessor-version":[{"id":191785,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/191783\/revisions\/191785"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/191784"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=191783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=191783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=191783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}