For the first time, government departments have set individual targets for how much they will spend with small and medium-sized businesses (SME). In total, the government plans to spend £7.4 billion a year with SMEs by 2028.
The targets are part of the government’s Plan for Small Business and aim to help businesses and the economy grow.
To hold government departments accountable, they will be required to publish yearly progress updates. Departments that fall behind will need to show how they will improve.
Small Business Minister Blair McDougall said: “These new targets will ensure thousands of smaller businesses have greater opportunity to win lucrative government contracts and grow their businesses.”
Your business can be doing well financially but you can still feel uncertain about where your personal finances are heading.
Recent changes to the way co-working spaces are assessed for business rates are causing considerable concern in the business community. Some estimate that the changes amount to a £600 million stealth tax raid.