The new SME Action Plan will “unlock more opportunities” for smaller businesses to bid for and win Government contracts, it has been announced today.
The report, published by the Department for Business, Energy & Industrial Strategy (BEIS), says the Action Plan will ensure that by 2022, the BEIS Group will be spending an additional £35 million with small and medium-sized enterprises (SMEs).
The BEIS Group includes some 41 agencies and public bodies, including the Land Registry, Ordnance Survey, the Insolvency Service and UK Research & Innovation.
Under the Action Plan, the Government will introduce a new measure requiring the BEIS Group’s biggest suppliers to monitor and report SME spend in their supply chain arising from BEIS contracts.
The plan will also improve the visibility of SME opportunities by requiring the Government’s largest suppliers to advertise their subcontracting opportunities on the Contracts Finder tool.
As a result of both changes, the Government said its strategy would ensure that at least £1 in every £3 will be spent with smaller businesses by 2022.
Commenting on the report, Small Business Minister Kelly Tolhurst said: “The UK’s 5.7 million SMEs are the lifeblood of our economy, employing 16 million people and accounting for £1.9 trillion of turnover. They work hard, day in and day out, creating jobs, opportunities and greater choice for consumers and helping to keep the UK a great place to start and grow a business.
“That is why this government’s modern Industrial Strategy is fully behind them and we are working, through initiatives like the SME Action Plan, to build a Britain in which they can continue to thrive.”
To read the SME Action Plan, please click here.
For help using the Government’s Contracts Finder tool and advice on how to bid for and win contracts, please get in touch with our expert corporate team.