Government targets £100bn to SMEs every year

are you getting your share?

New opportunities for sole traders, partnerships and small to medium companies (SMEs) announced April 2018

  • SME’s share of the annual public expenditure on goods and services is to increase to 33%, making as much as £100bn available to SMEs.
  • Larger companies are to increase subcontracts to SMEs and demonstrate fair and effective payment practices.
  • SMEs pre-qualification questionnaires are abandoned.
  • SMEs invoices are to be paid within 30 days.

SMEs are entrepreneurial, flexible, eager to grow and represent the foundation stock of Britain’s future industry and commerce. In recognition of the importance of SMEs the Government has announced changes in the way public expenditure is to be distributed with 33% of the budget being awarded to SMEs and subcontracts are to be more accessible.

The Government’s Crown Representative for Small Business said “Securing a government contract is a great way for small firms to bring in a steady income stream that can really help their business to grow. These measures demonstrate the government’s clear commitment to small business, ensuring they can easily find and access new opportunities to supply to government”. These changes are in force now and are a positive step for small businesses, but the complexity and time spent searching the many government portals for information and contact details for tender and subcontract opportunities remain a luxury small business do not have time for.

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