best value

best value
/ˌbest 'vælju:/ noun
a system adopted by the UK government to ensure that local authorities provide services to the public in the most efficient and cost-effective way possible
(NOTE: Best value, which came into force with the Local Government Act 1999, replaced the previous system of compulsory competitive tendering (CCT). It requires local authorities to review all their services over a five-year period, to set standards of performance, and to consult with local taxpayers and service users.)

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