Here, Beyond Corporate Law’s Nikki Knappett looks at the Procurement Act 2023 and the implications for you and your business.
£300 BILLION a year.
Want some of those apples? That is officially A LOT of apples!
£300 billion is the amount which is spent on public procurement of goods, works and services each year in the UK which roughly accounts for a third of all public spending. The UK’s membership of the World Trade Organisation’s Agreement on Government Procurement gives British business access to £1.3 trillion in public procurement overseas. It is big business.
Scandals arising out of the Covid pandemic have brought to the public’s attention how lucrative contracts have been awarded and the system, which has been in place since 2015, is now changing. The world is now a different place, and the Procurement Act 2023 marks a significant change in management of public procurement. It aims to enhance transparency, efficiency and also accountability in government spending.
Continue reading Nikki’s article on Insider’s Ask The Expert column.
