18 Nov 2016
A panel of business experts from across the UK have met for the first time under plans to boost government spending with small and medium sized enterprises.
The advisory panel, made up of 24 entrepreneurs and leading business figures boasting a wide range of experience, had their first meeting on 15 November. They will work with the Government to ensure that by 2020 £1 of every £3 invested by Whitehall in goods and services goes to SMEs. If met, the target would mean almost £3 billion of new business up for grabs each year, either directly or through the supply chain.
The Cabinet Office has estimated that 27% of government’s procurement spending or £12.1 billion reached small and medium-sized enterprises (SMEs) in 2014-15, surpassing its target of 25%. An advisory panel supported this work and a number of its members are continuing to work government towards its aim to increase its spending with SMEs to 33% by 2020. For further information visit http://bit.ly/2fSAZDc. Businesses can register on Contracts Finder to search for government contracts worth over £10,000.