Government launches advisory panel to boost SME investment

Government launches advisory panel to boost SME investment

The government has formed a new advisory panel which is set to boost spending on small- and medium-sized enterprises (SMEs) across the UK.

Some 24 entrepreneurs and leading business figures 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 create an extra £3bn of new business each year.

Ben Gummer, minister for the Cabinet Office and paymaster general, said: “The business experts will play a vital role to help us increase spending with SMEs, which are the lifeblood of the UK economy.

“Government is firmly on the side of entrepreneurs and we will do everything we can to make their lives easier.”

The Cabinet Office has estimated that 27%, or £12.1bn, of the government’s procurement spending reached SMEs in 2014/15.

Although this investment exceeded its previous target of 25%, the panel will now work to increase this figure to 33% by 2020.

Emma Jones MBE, the crown representative for SMEs, will work with the 24 experts to help more small businesses in the UK bid for and win government contracts.

“Becoming a government supplier is a great way to make a difference to your business,” she added.

“Companies report an increase in their turnover, higher profits and an expansion of their workforce.

“In return, SMEs offer innovation and value for money to government customers.”

Sign up to our newsletter to receive more news like this story

I accept that by joining the B&C mailing list, I will receive relevant news and promotional material via B&C on behalf of its partners and advertisers. Your data will not be passed on to any third party.
No, thanks, just the news please.

Leave a comment