1.3 During the CSR period, the Treasury Group must deliver its Departmental Strategic Objectives (DSOs), with stretching objectives set for all areas of Treasury work. The DSOs, and their outcomes, for the Group are:
1. Maintain sound public finances
• Meeting the fiscal rules;
• Ensuring that the tax yield is sustainable and risks managed;
• Managing public spending;
• Professionalising and modernising the finance and procurement functions in government; and,
• Managing government cash, debt and reserves efficiently and effectively.
2. Ensure high and sustainable levels of economic growth, well being and prosperity for all
• Supporting low inflation;
• Promoting the efficiency and fairness of the tax system;
• Improving the incentives and means to work; supporting children and pensioners; and helping people plan and save for the future;
• Improving the quality and value for money of public services;
• Supporting fair, stable and efficient financial markets;
• Raising productivity with sustainable improvements in the economic performance of all English regions including narrowing the gap in growth rates between the best and worst performing regions;
• Protecting the environment in an economically efficient and sustainable way; and
• Pursuing increased productivity and efficiency in the EU, international financial stability and increased global prosperity.
1.4 In conjunction with the delivery of the DSOs, Treasury Group is a delivery partner for six cross-government Public Service Agreements (PSAs), and is the lead department for one PSA:
1. Raise the productivity of the UK economy;
2. Deliver the conditions for business success in the UK.
3. Improve the economic performance of all English regions and reduce the gap in economic growth rates between regions;
4. Maximise employment opportunity for all;
5. Halve the number of children in poverty by 2010-11, on the way to eradicating child poverty by 2020;
6. Lead the global effort to avoid dangerous climate change; and
7. Reduce poverty in poorer countries through quicker progress towards the Millennium Development Goals.
1.5 HM Treasury provides the lead for the child poverty PSA. To support the accomplishment of the DSOs, the Treasury Board has set an ambitious vision for where it sees the Group by the end of the CSR period:
1.6 In 2011, the Treasury will continue to be at the heart of government: a strong, respected and professional economics and finance ministry. As a Group, it shall provide consistently accurate and rigorous analysis and honest advice. It will actively encourage open debate, giving weight to the evidence and listening to, and challenging, its wide range of stakeholders. Stakeholders will view the Group as competent and prudent, as well as approachable, understanding and collaborative. As a smaller organisation, Treasury Group will be agile, prioritising its resources, streamlining our processes and working flexibly across traditional boundaries. The Group will continue to offer its people a compelling work experience - the chance to work in a fast moving and stimulating environment, with the right tools, training and systems. Its diverse and committed workforce will develop their skills, expertise and professionalism and apply them in demanding and rewarding jobs within the Treasury.