Small businesses to receive a 7.4bn boost from the government - London Business News | Londonlovesbusiness.com

"Cabinet Office Minister, Chris Ward stated, "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.""

"The targets will help to rebalance government spending from big international companies and put it into the pockets of hardworking communities in the UK, boosting local growth and creating new jobs."

The UK government plans to allocate over £7.4 billion annually to small and medium-sized enterprises (SMEs) by 2028. Departments will set individual spending targets for SMEs and publish annual progress reports. The initiative builds on the Small Business Plan, which includes reforms to tackle late payments and a £4 billion finance boost. Procurement from small firms through the Ministry of Defence will increase significantly. The reforms aim to empower businesses, ensuring more government contracts go to SMEs and supporting local communities.

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