20 January 2005
The Office of Fair Trading (OFT) is keeping tight-lipped about how it will achieve 5 per cent annual savings under the government's efficiency drive.
The OFT will initially drive towards 3 per cent annual savings as required by the Treasury in 2005-06.
This rises to 5 per cent in the following two years, according to its annual plan consultation paper.
An OFT spokesman said: "Looking at our resources, we believe we can better the 3 per cent asked by the Treasury."
The efficiency savings on the OFT's annual £55.5 million budget would not all come from purchasing, he said.
Other regulatory bodies including Ofgem and Ofcom also set themselves tough targets at the end of last year.
Energy regulator Ofgem wants 6 per cent savings in 2004-05 on a £34 million budget.
Telecoms watchdog Ofcom is seeking a 5 per cent cut in 2004-5.