Rachel Reeves' new 'Value for Money' chief paid £950 PER DAY... after already overseeing budget-busting HS2

Speaking in the House of Commons, Reeves told MPs: “I can confirm today that David Goldstone has been appointed chair of the new office for value for money to help us realise the benefits from every pound of public spending.”

The Government has since revealed that Goldstone wil receive a day rate of £950 on the basis of a monthly average of one day a week commitment.

He will also lead a “multi-disciplinary” team of up to 20 civil servants in an HM Treasury unit.

The £950 day rate is significantly higher than the median gross weekly earnings for full-time employees in the UK.

Median weekly earnings stood at just £682 in April 2023, roughly standing at just £136.40 per day.

However, Goldstone bumper day rate also comes after he played a leading role in HS2.

Goldstone joined the board of HS2 as a Treasury-nominated representative around five months ago, with costs spiralling from estimates of £37.5billion in 2009 to an eyewatering £106billion.

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He also oversaw the delivery of the three-times over budget 2012 London Olympics.

The sporting festival was supposed to cost around £2.4billion but soon reached almost £9billion.

Responding to his latest appointment, Goldstone said: “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.”

Reeves yesterday confirmed Labour would also ensure HS2 ends at London Euston rather than Old Oak Common.

Reeves said: “Today, we are securing delivery of the project between Old Oak Common and Birmingham, and we are committing the funding required to begin tunnelling work to London Euston station.

“That will catalyse private investment into the local area, delivering jobs and growth.”

Transport Secretary Louise Haigh added: “It would make absolutely no sense to end HS2 in Old Oak Common.

“That's why this Labour Government is doing the right thing and delivering HS2 to Euston.”

Tory leadership frontrunner Kemi Badenoch also voiced her concern about the Office for Value for Money.

She said: "We are constantly trying to solve problems with more clangers, 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."

Reform UK leader Nigel Farage added: "Even more concerning, I suppose, is that the new head of the Office for Value for Money, David Goldstone, served for many years on the board of HS2, which I would suggest is the very opposite of value for money."