1.1 The 2007 Comprehensive Spending Review settlement for the Treasury Group1 was agreed in Budget 2006. The settlement is challenging: a reduction in both resource and capital DEL spending of 5% per year in real terms, which is consistent with the cross-government aim to achieve at least 3% net cash releasing savings, on the 2007 - 2008 baseline budgets for near-cash resource and capital. The Treasury Group is in a strong position to capitalise on the savings already made through the SR2004 efficiency programme.
1.2 The Treasury Group has successfully managed the economy through a period of unprecedented growth and navigated domestic and international challenges. This delivery agreement outlines how the Group will identify, achieve and monitor Value for Money savings, and the Group's Asset Management Strategy, throughout the Comprehensive Spending Review (CSR) period (2008 - 2011).
1 HM Treasury Group comprises of HM Treasury, the Office of Government Commerce and, the UK Debt Management Office.