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.”
Many businesses start the year with ambitious sales targets. The problem is that increased sales do not always translate into increased profits.
HMRC is using Playday, the national day for play, to remind working parents about the Tax-Free Childcare scheme, which can help eligible families meet the cost of nurseries, childminders, holiday clubs, breakfast clubs and after-school clubs.
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