Bulletin

Ministry of Defence begins campaign to award more contracts to small companies

Building - Ministry of Defence to ensure small firms receive funding - SantanderCB

The Ministry of Defence is attempting to ensure small firms across the UK receive a further £1bn in government contracts, taking the total figure towards the £5bn mark. The department spent 19.4% of its procurement budget supporting SMEs last year, equating to £3.8bn, but to hit a target of a quarter of spending going to them by 2020 this will have to rise to £4.9bn. The MoD also wants to reduce red tape to encourage smaller companies to bid for work. This will involve creating a single point of contact for companies vying for work, a 'supply chain champion' to advise on how to target contracts, better advertising of contracts, and possibly simplifying contracts. A turnover threshold will also be removed where possible.

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander

Other Articles

The new Apprenticeship Levy could help transport and logistics companies solve their recruitment problems and equip their workforces with…

Cornwall is a land steeped in legend but this salty business success story is no myth.

Santander Incubator social enterprise, Liverpool Girl Geeks, has secured £20k in Rosa funding to help them grow their programmes and…

Santander Incubator social enterprise, Liverpool Girl Geeks, has secured £20k in Rosa funding to help them grow their programmes and…

Travelstar European Ltd, one of the West Midlands’ leading coach hire companies, has moved to larger premises in Portland Street, Walsall,…

Santander’s local Business Banking team recently held a Breakthrough Masterclass at the English Whisky Company, with local East Anglian…

Where Next?