"These ambitious spending targets will help ensure more government contracts go to SMEs, keeping more money, jobs and opportunities within local communities."
"The targets mark the first time individual departments have been required to set specific goals for how much they spend with small and medium-sized enterprises."
The UK government plans to allocate over £7.4 billion annually to small and medium-sized enterprises (SMEs) by 2028 as part of a new procurement strategy. This initiative requires individual departments to set specific spending goals with SMEs and report annually on their performance. The aim is to shift procurement focus from large multinationals to smaller firms, fostering regional growth and job creation. Additionally, the Ministry of Defence will increase its SME spending by £2.5 billion, supporting key sectors like cyber and manufacturing.
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