Small businesses across the United Kingdom are set to receive more than £7.4 billion a year in government spending by 2028, under new targets aimed at boosting growth and creating jobs.
New targets published by the government will see its departments delivering on a key commitment in the Plan for Small Business by spending more money with small- and medium sized businesses, so they can grow themselves and grow the economy.
Departments have for the first time, individually set direct SME spending targets and will publish yearly progress updates ensuring they are held to account. Those who fall behind will need to set out robust actions on how they will improve.
Cabinet Office Minister, Chris Ward said, “This Government is backing SMEs and British businesses. These ambitious spending targets will help ensure more Government contracts go to SMEs – keeping more money, jobs and opportunities in local communities. This will make a real difference – and is a statement of intent that this Government will pull every lever to support SMEs and drive growth.”
The money will go to businesses across the country, including key sectors cyber, manufacturing, finance and science.
The targets will help to rebalance government spending from big international companies and put it into the pockets of hard-working communities in the UK, boosting local growth and creating new jobs.
Full details of the Departmental Small Business Procurement Targets are on GOV.UK.
